After staging an impressive recovery by breaking above its macro downtrend earlier this year, WIF/USDT is now facing a significant technical challenge.
According to crypto analyst Rekt Capital, the token has repeatedly failed to break through the green resistance zone, which historically served as strong support.
Despite the bullish momentum from breaking the black diagonal downtrend, WIF has not yet secured a weekly close above the green region — a move that Rekt Capital identifies as critical for reigniting upside.
He notes that in February 2024, WIF performed this exact weekly close, which acted as a springboard to major highs.
“These recent rejections just show that price may not be ready to flip this region back into support,” Rekt Capital said in his latest analysis.
Current Range and Outlook
WIF remains trapped within a broad $0.76–$1.60 range, marked by the black and green zones on the chart. If the rejections continue, Rekt Capital warns that the price could retreat toward the $0.76 range low, which would be a normal part of price consolidation within the established structure.
Key Technical Levels
Resistance (green zone): ~$1.60
Current price: ~$1.00
Range low support: ~$0.76
Deeper support levels: ~$0.4753 (blue) and ~$0.3331 (red)
Rekt Capital emphasizes that consolidation may continue unless WIF confirms strength with a decisive weekly close above resistance. Until then, the asset remains in a neutral consolidation phase, with potential for both upside breakout or retest of lower range levels.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/wif-faces-key-resistance-after-breaking-downtrend-consolidation-likely/