WIF is showing bullish signals as traders closely monitor the key resistance level at $0.61. A breakout above this mark could ignite a strong rally, supported by compelling technical indicators and recent price action.
Analyzing the daily chart, WIF has formed a textbook Elliott Wave pattern. The current correction (Wave 4) appears to have completed. Also, prices are now rebounding from the demand zone near $0.52. This is a level that has held reliable support since mid-April. Wave 3 extended sharply to $0.72, followed by a measured ABC correction where Wave A and Wave C were nearly equal in length. At the same time, this also indicates symmetry in the retracement.
Now, Wave 5 may be approaching. Usually, Wave 5 follows Wave 1 or Wave 3 after price increases. With Fibonacci retracement levels between $0.64 and $0.67, bulls are eyeing a potential push into this zone. However, this will only happen if WIF can break cleanly above $0.60–$0.61.
WIF Key Resistance Zones to Watch
The descending trendline is coming from the all-time high at $0.72. It intersects the current price structure right at $0.60 to $0.61. This zone also aligns with the 0.382 and 0.5 Fibonacci levels, making it a highly contested region.
If WIF can close a daily candle above this band with volume, it would confirm a breakout from the downtrend. It could effectively flip resistance into support. In that case, targets of $0.64, $0.67, and even a retest of $0.72 come into play.
Looking at the Stochastic RSI, the indicator is currently bouncing off the 60 level, showing renewed strength. The K and D lines are both moving upwards and diverging, which is an early sign that momentum is accelerating.
This behavior is historically consistent with pre-rally setups. Previous upward moves in WIF have been preceded by similar Stoch RSI bounces.
Volume and Sentiment
Volume remains a crucial missing component in this move. While price structure and oscillators suggest a bullish breakout is brewing, confirmation will require an increase in buy-side volume. Notably, sentiment around WIF remains highly engaged; for example, it is still a very popular and trending meme coin on X.
At the moment, WIF is at a critical juncture. A daily close above $0.61 will be important for a new bullish leg. With a completed ABC correction, favorable Elliott Wave setup, and a bullish Stoch RSI bounce, the path of least resistance may soon shift upward. Traders should keep an eye on the $0.60–$0.61 range as they are the most important points.
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