$WIF
Technical Analysis for WIF Coin – Is a Correction Coming? Here’s a Smart Strategy!
After a strong upward wave, the coin $WIF has increased by +44.48% in the last 24 hours, reaching its highest price at 1.279 USDT, which we can clearly see in the last strong candle with high momentum.
But, is this rise sustainable? Let’s analyze:
1. RSI Indicator = 91.5
This indicates that the coin has entered the overbought area, increasing the likelihood of a correction soon.
2. Bollinger Bands:
The price violently broke through the upper band, which also indicates a significant deviation from the average, a sign of an impending pullback.
3. Volume:
We see a clear jump in trading volume, which may reflect partial distribution from some whales.
Proposed Correction Strategy:
Do not enter now. Wait for the correction.
Potential Entry Points:
1.13 USDT (previous support area close to MA5)
0.89 USDT (mid Bollinger Band MB) – stronger support in the short term.
Advice for Traders:
Do not chase green candles. Patience is better than buying at the top. Set clear goals, and watch for the RSI to drop below 70 for a safe entry.
Do you think a correction is coming? Share your opinion with me!