Technical analysis by ben_walther about Symbol WIF: Buy recommendation (7/17/2024)

WIF is currently consolidating below its major resistance. Once this level breaks, the token should quickly rally 40%. The details are based on chart analysis, technical indicators, and trade signals. 1️⃣ Chart Analysis WIF has formed a double bottom at $1.5 and is currently facing resistance at ~$2.3, where it was rejected twice on the daily chart. Once this resistance breaks, WIF should rally towards the level of $3.20, resulting in a 40% profit potential. 2️⃣ Technical Indicators Many momentum indicators have turned overbought due to the recent bounce of their local bottom. However, given the current consolidation below the 2.3 resistance, momentum indicators could quickly return to neutral zones. Trend indicators signal a clear bullish trend across all timeframes. Additionally, the ADX indicates a strong trend. 3️⃣ Trade Signals On lower timeframes (4H & 1H), WIF flashed several bullish Power Scalper signals. These signals usually appear short before a correction/consolidation. Accordingly, this played out well. On the 1W timeframe, WIF printed a bullish MACD crossover, which further seconds the potential during the next days and weeks. 🚀 Trading Scenario The most healthy and sustainable scenario requires a consolidation below the resistance for a day or two so momentum indicators can return to neutral zones. Afterward a push should break the resistance and lead to a rally toward $3.2 Therefore, from a trading point of view, an entry right above 2.3 seems solid.