WIF is currently trading in a significant resistance area that has rejected price action multiple times in recent sessions. This area incorporates key technical levels, creating a strong barrier to further upside.
Key Technical Points
• Multi-layer resistance zone: Confluence of 0.618 Fibonacci, value area high, and 200MA overhead. • Lack of volume confirmation: Price struggling to break out due to weak bullish volume. • Range-bound between $0.19 and $1.54: Market structure remains rotational within the high time frame range.
Current Market Structure
This zone is one of the strongest resistance regions WIF has encountered since its most recent rally. The failure to reclaim this area decisively is a sign that bulls are not in full control, increasing the risk of rejection with each failed attempt.
Future Outlook
If WIF cannot reclaim the resistance zone with strong volume, a pullback toward the range midpoint is likely. However, should bulls step in and drive a breakout with conviction, a retest of $1.54 becomes a clear upside target. Until then, expect continued sideways movement within the established range.
The key factor going forward is volume confirmation. Without it, any upside attempts are at risk of failing and reverting back into the established range.
