$WIF gives bullish signals: Why $2.4 resistance is important for WIF - AMBCrypto Analytics

The $1.48 support level and $2.4 resistance have been the key levels over the past three weeks.

This meant that the supply zone at $2.4 might be difficult to break in a single attempt unless the bulls are overwhelmingly strong.

The OBV showed that the buying volume was ticking higher but has just broken the local high. Therefore, the early signs were positive for the buyers.

The Stochastic RSI appeared to be on the verge of signaling a momentum reversal. The MACD was also below neutral zero to indicate weak momentum in recent weeks.

The Funding Rate has jumped higher over the past ten days, alongside a hefty increase in the Open Interest. The OI rose by$121 million in the past five days. Speculators were eagerly bullish and believed in a breakout.

The spot CVD has recovered from its slump earlier this month but has not crept above the highs from late June.

The relatively weak spot demand might see WIF’s momentum falter around the $2.4-$2.5 resistance region.