In the short-term, data suggested a bounce toward $2.3 is possible for WIF, but the higher timeframe bias remained bearish.
The buying pressure of last week suggested the sentiment might be changing, but the price action did not signal an uptrend.to their WIF holdings. Combined with the increase in buying pressure on the 24th of June, there is a potential that WIF could make a move above the $2.5 level.WIF has made a series of lower lows and lower highs on the 1-day price chart since the first week of June. Its rejection from the $3.
The buying pressure rapidly picked up pace on the 24th and 25th of June. This brought the OBV up to a local resistance level.The cumulative liquidations levels delta had been massively negative on the 28th of June. This saw WIF prices bounce from $1.9 to $2.15. Since then, the delta has fallen once again as prices retraced the bounce.The recent losses encouraged short-sellers, but also skewed the balance. The short positions could be hunted for liquidity before the next move.
AMBCrypto’s analysis of the liquidation levels marked the $2.2 and $2.3 as short-term bullish targets. After a retest of these pools of liquidity, WIF might continue its prior downtrend. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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