WIF/USDT faces strong resistance near $2.898–$2.984, with a possible pullback before any rally toward $2.423.
Support levels between $1.971 and $1.765 remain critical for WIF/USDT, with a potential bounce if these hold.
Fibonacci retracement at $2.423 suggests caution, as this zone could act as resistance if the price climbs higher.
The market for the $WIF/USDT trading pair is currently showing signs of consolidation, with critical price levels emerging as points of interest for traders. Analyst CredibleCrypto has highlighted the possibility of a further dip before a larger relief rally, especially for Bitcoin ($BTC).
His target for a bounce is $70-72k, which could create room for altcoins like $WIF to pull back. This scenario has led to the decision to lower bid prices while adjusting position sizes accordingly.
https://twitter.com/CredibleCrypto/status/1854986513345642976 Resistance and Support Zones for WIF/USDT
Currently, the price of WIF stands at $2.280, reflecting a decline of 4.52%. Resistance looms around the "untapped local supply" zone, located between $2.898 and $2.984. This area was previously tested but rejected, reinforcing its role as a strong resistance.
However, the market has seen buying interest around the support zone between $1.971 and $1.765. The price has bounced in this region before, suggesting it could be a key pivot point moving forward.
Additionally, the 50% Fibonacci retracement level at $2.423 could present another hurdle. This level aligns with the retracement from the recent high of $2.898 down to the low of $1.075. If the price approaches this level again, traders may face resistance. The Fibonacci retracement suggests a cautious approach as the market moves between these key levels.
Possible Paths Ahead for WIF/USDT
Recent price movements show consolidation, with alternating bullish and bearish candlestick patterns. This indicates indecisiveness in the market. However, the chart points to a possible recovery toward $2.423 if buying pressure picks up. A potential rally could push the price toward the upper supply zone at $2.898. If the support zone holds strong, this upward trajectory becomes more likely.
Conversely, a breach below the $1.765 support could signal further downside, potentially reaching the lower Fibonacci extension level of $1.075. The market's response at these critical levels will dictate the next move, with traders watching closely for signs of trend reversals or continuations.
The post Is a Pullback Coming for WIF/USDT? Key Levels to Watch for a Rally appeared first on Crypto News Land.
