Current analysis of WIF price shows early signs of potential growth. Technical and on-chain indicators suggest a possible breakout toward $5 in the near future.
Open Interest Growth Reflects Bullish Sentiment
Coinglass data shows a significant rise in open interest for WIF futures since mid-April. Both price and open interest have climbed together, indicating increased trader activity. Open interest grew from about $200 million to over $600 million, reflecting active speculative behavior in the market and a strong correlation with price movements.
Cup-and-Handle Pattern Formation
A high-timeframe chart reveals a cup-and-handle pattern forming with WIF, which is typically viewed as a bullish continuation pattern. The breakout level is set at $1.30. If WIF breaches this level with strong volume, analysts anticipate a sharp move towards the $4.00–$5.00 range.
Price Analysis and Future Predictions
Immediate short-term support lies between $0.90 and $0.95. A break above $1.17 could signal the start of a third wave, usually the strongest. Fibonacci projections indicate a bullish scenario targeting the $3.00–$5.00 range.
Current market indicators for WIF suggest a potential bullish trend. Monitoring support and resistance levels, as well as open interest, may provide traders with additional decision-making opportunities.
