WIF price rises against the trend, is it a trap or potential for growth? Breaking through $2.1 may lead to another sharp drop! "
To explore the reasons for the rise in WIF price, we recall the orange line marked on the chart for WIF two days ago. At that time, WIF price fell from $2.3 to $1.4955, hitting the orange line support level. Now, WIF has rebounded from the low of $1.49 to the orange line, that is, the $1.94 area, but the market dynamics have changed.
The question is, why can WIF rise against the trend in this weekend, when there are usually more sellers than buyers, investors tend to take profits and plan for the next week, and the overall performance of the cryptocurrency market is weak? This may be a trap to attract investors to enter the market again. However, if WIF can maintain this upward momentum, we can expect to see it break through the $2.1 mark quickly. On the contrary, if it fails to effectively break through the orange resistance area, the price of $WIF may suffer a sharp drop again.
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