The start of the month was extremely bearish, with BTC prices dropping below $50,000. However, as the trade is heading towards the end of the month, the bulls appear to have regained their strength. Therefore, with a trend reversal, the WIF prices have displayed the possibility of forming a bullish pattern and hence a breakout may help the price break above the bearish range.

Ever since the WIF price failed to defend the highs, it has been trading within a descending parallel channel. The recent rebound is about to form a double-bottom pattern, which usually offers a fine base for an extended ascending trend. Besides, a slight rise may breach beyond the supertrend levels, which may flip the indicator to bullish. The rise in bullish volume is validating the continuation of an ascending trend.

On the other hand, the on-balance volume (OBV) has triggered a bullish reversal after hitting the bottoms. Hence, the WIF price is believed to maintain an ascending consolidation and reach the upper resistance above $2.2. If the bulls continue to hold the required strength, a new ATH beyond $5 could be imminent. $WIF