The post WIF crypto targets $2, but THIS could delay the bulls appeared on BitcoinEthereumNews.com.

Journalist Posted: September 21, 2024 WIF had a short-term bullish outlook at press time. The rally is likely to struggle to push beyond the $2 resistance. dogwifhat [WIF] saw five days of green candles as the bulls pulled the prices higher. The Bitcoin [BTC] move past the $60k resistance level also buoyed the market-wide sentiment. The memecoin was trending higher in the short term, but is likely to run into a stern resistance zone at the $2 region. Should traders go long, or should they fade the move and prepare to go short? Answers from the range formation Source: WIF/USDT on TradingView dogwifhat has traded within a range since the second week of August. This range extended from $1.39 to $1.98, and the mid-range level at $1.685 has served as resistance over the past three weeks. WIF bulls finally breached it, and the CMF climbed above +0.05 to indicate high buying pressure in the market. This is enough to propel the memecoin to the range highs, but it might not see a breakout. The Awesome Oscillator made a bullish crossover and signaled a momentum shift on the daily chart. While this is another encouraging signal, traders should be ready for a WIF rejection at $2. It is usually better to trade a range as it is than anticipate a breakout. A daily session close above $2 would change the swing traders’ biases. The liquidation heatmap highlighted the range formation Source: Hyblock Is your portfolio green? Check out the WIF Profit Calculator The liquidation heatmap marked levels slightly different from the ones seen on the price action front. A sizeable pool of long liquidations has built up in the $1.22-$1.26 region, way below the range formation of recent weeks. The $1.88 region was also highlighted as a short-term target where a…

---

Filed under: News - @ September 20, 2024 9:17 pm