WIF remains the largest meme coin on the Solana ecosystem but has lost its bullish track amid rising supply in the past months. The overall market structure looks bearish and now follows a negative bias daily. After failing to break above its previous peak of $5 last November, WIF lost momentum and formed a double-top. This led to a steady drop for two months before breaking below the key $1 level this month. That generated a lot of FUDs in the market but the meme coin managed to recover after swiftly rejecting the $0.63 level earlier this week. With the recent meltdown, it is noteworthy to say the bears are now in control. Technically, the bulls are currently off this market. But for those looking to reaccumulate for a long-term return, WIF currently provides another big buying opportunity on the mid-term scale, and from the look of things, the discount could last to the key $0.5 level – where the price broke out a year ago – before rebounding. Looking at the daily chart, it is still losing momentum despite the recent rejection. A collapse below this week’s low could cause more reductions until it finds a threshold. Now, WIF remains bearish on the daily chart. WIF’s Key Levels To Watch Source: Tradingview WIF currently trades an inch away from the holding $0.63 support. A breakdown from there could take the price to $0.48 and potentially $0.334 before rebounding. The $0.975 level is considered an immediate resistance in case of a buy. Retaking $1 could allow more buys to $1.377. The next key resistance levels to watch for a strong recovery are $2, $3 and $4 in the near term. Key Resistance Levels: $0.975, $1.377, $2 Key Support Levels: $0.63, $0.48, $0.334 Spot Price: $0.73 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
