Yesterday saw WIF through a major break below an ascending trendline after four months of trading. It located support above $2 and recovered briefly but remains weak on the day following a 30% loss in 7 days.

Many meme coins have posted a serious loss in the past month as the crypto market took a downturn. The bears are currently taking charge.

However, WIF’s structure still looks bullish on the daily timeframe, but the trend seems to have shifted to the downside following yesterday’s break below an ascending trendline that stood as support since August.

It tested $2.15 earlier today and took a little break due to a bounce. The price is now trading at around $2.27, While the asset is yet to establish support, it may revisit November’s low before resuming bullish. Holding the current daily low (as support) could result in a fresh buy.

So far, WIF has declined by more than 50% since it lost grip above $4.8 in early November. Other major meme coin like Bonk Inu is down by over 40% – making it the biggest loser in the past 30 days of trading.

If the price recovers higher, WIF could retest the $2.54 level that broke as support yesterday. Above it lies the minor $3.2 resistance, followed by the monthly $4 resistance level. A climb above these levels could bring a full recovery to $4.86 before breaking higher.

If the price breaks lower, the November $1.9 low would be the next support to watch. Other support levels to keep in mind are $1.6 and $1.3.

Key Resistance Levels: $2.54, $3.2, $4

Key Support Levels: $1.9, $1.6, $1.3

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: anaki2405/123RF // Image Effects by Colorcinch

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