- WIF breaks above a long-standing downtrend channel and trades at $0.552, with momentum building toward the $0.935 and $2 targets.
- After a 92% drop from $4.50, WIF rebounds strongly with a bullish breakout supported by rising volume and technical confirmation.
- With key support at $0.500 and resistance near $0.900, WIF shows strong potential to extend gains in the short to medium term.
WIF has broken out from a long-standing downtrend and now trades at $0.552, showing strong bullish momentum. The move follows a breakout above the descending channel that dominated its price action from November 2024 through early April 2025. Currently, WIF is up significantly from its March low of $0.350, a level reached after a 92% drop from its November peak near $4.50. The breakout marks a potential trend reversal, with traders now eyeing $0.935 as the next major target. Some even expect a push toward $2 in the near term.
Breakout Signals End of Bearish Phase
Since peaking in November 2024, WIF remained locked in a descending channel. Two parallel trendlines captured nearly all downside movement. Prices steadily declined through January and February 2025, with WIF falling from $2.20 to $0.70.
Besides that, the steepest drops came during this period, erasing most of the previous cycle’s gains. March brought relative calm, and the price entered a consolidation phase. Candlestick patterns during this time showed tight trading and low volatility.
However, everything changed in mid-April. WIF decisively broke above the upper trendline of the channel. This breakout confirmed a bullish reversal. The price now trades well above the trendline, and the candles have grown larger, indicating renewed interest and buying strength.
Technical Structure Points to Further Upside
A blue projection box marks a $0.935 target. That level represents a 222.77% gain from a prior reference. Moreover, this target may serve as a stepping stone toward the more ambitious $2 level. Additionally, the logarithmic scale suggests WIF has plenty of upside room if the trend holds. Past cycles show price rallies between $0.90 and $2.70. Hence, the current price still offers considerable upside if momentum continues.
Key support lies just below $0.500, while resistance looms at $0.900. If bulls maintain control, the $2 level may soon come into play. Consequently, WIF now stands as one of the more technically compelling altcoins on the market this week.
