$WIF fell to its year-to-date (YTD) low of $1.82 on June 25. As of the time of posting, its price has rebounded 13% and is trading at $2.05.

Some technical indicators for #WIF/USDT suggest that bullish sentiment towards the meme coin is gradually recovering.

Looking at the daily chart, the dots of the WIF Parabolic Stop and Reverse (SAR) indicator are currently below its price.  

The indicator measures the trend direction or price movement of an asset. When the dotted line is below the price, the market is in an uptrend. This indicates that the asset price is rising and the trend is likely to continue.  

Between June 2 and 24, the dots were above the WIF price, indicating a decline in the value of the meme coin. However, a reversal occurred on June 25, indicating a shift in market trend from bearish to bullish. As of the time of writing this post, WIF’s Moving Average Convergence/Divergence (MACD) readings show that its MACD line (blue) is poised to cross its signal line (orange).

This indicator measures changes in an asset’s price strength, direction, momentum, and duration. When the MACD line crosses the signal line, it is a bullish sign. This means that the asset’s short-term moving average has crossed above its long-term moving average.

WIF’s rise has led to the gradual formation of an ascending channel. This channel forms when an asset’s price consistently makes higher highs and higher lows within a limited price range.

If this trend continues, the memecoin’s value could rise to $2.17.

However, if WIF gives back these gains, its price could fall to $1.19.

For more of the latest analysis, Cook the Night Team.