$WIF Price Trends Within a Narrow Range, Eyes Support - BeinCrypto Analytics

Since breaking below the lower line of its ascending channel on July 3, it has trended within a horizontal channel.

A horizontal channel is formed when the price of an asset consolidates within a range for an extended period. The upper line of this channel forms resistance, while the lower line forms support. 

Since July, WIF has faced new resistance at $2.06 and formed a new support level at $1.59. 

An asset trends within a range like this when there is a relative balance between buying and selling pressures, preventing its price from trending strongly in either direction. 

This can be gleaned from WIF’s Moving Average Convergence Divergence (MACD) indicator. Since July 7, the meme coin’s MACD (blue) and signal lines (orange) have crossed back and forth. 

This movement suggests the meme coin’s shorter-term and longer-term moving averages are staying close together. This indicates a lack of strong directional movement in the price, confirming consolidation.