The WLFI price staged a strong recovery after a major victory by President Donald Trump in the United States Senate. It jumped to $0.1706, its highest level since October 11. It has now soared by 77% from its October low.
Why the WLFI Price Soared
World Liberty Financial and the Trump Coin (TRUMP) jumped as Donald won over eight Democrats to support ending the government shutdown. This is widely seen as a victory for the president, as he and the Republicans did not give Democrats what they wanted, Obamacare subsidies. WLFI and TRUMP are at times seen as proxies for Donald Trump.
The WLFI price also jumped as the potential end of the government shutdown pushed most cryptocurrencies higher. Data shows that Bitcoin and most altcoins bounced back after reports of progress on the shutdown emerged.
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Additionally, the token rose on the back of its encouraging on-chain metrics. One of the most important ones is that the supply of WLFI tokens on exchanges has continued to fall this month. There are now 2.37 billion tokens on exchanges, down 12% over the last 30 days. There were 2.62 billion tokens in exchanges at the peak in October.
More data shows that whale investors have been buying the token and now hold about 1 million coins, up from the 16.4 million on October 21.
Meanwhile, USD1, its stablecoin, is doing well, with the supply rising by over 5% in the last 30 days to $2.9 billion. The adjusted volume of USD1 transactions exceeded $10 billion, while the number of holders soared by 75% to 475k.
World Liberty Financial Price Jumped After Forming Double Bottom
Technicals also played a role in the ongoing WLFI price rally, as the token formed a double bottom at $0.1050, its lowest level last week. It is now hovering at the neckline, which is slightly below the 38.2% Fibonacci Retracement level.
The most likely WLFI price prediction is where it continues rising as bulls target the 61.8% Fibonacci Retracement level at $0.2300. A move below the $0.14 support level will invalidate the bullish outlook.
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