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Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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Over the past 24 hours, the WIF price has surged a significant 8.09%, standing out as a major beneficiary in a 1.86% uptick among meme coins. This growth signals a potential significant reversal, with multiple traders forecasting a surge.
Today’s growth pushes WIF out of its recent rut, now down just 2.04% since last Thursday – outperforming other notable meme coins over the same period.
Indeed, amidst this strong performance interest in WIF has found new life, with its trading volume peaking around $350 million over the past 24 hours.
The Reversal “Nobody is Ready” For
Some traders are anticipating a rebound for WIF, potentially pushing the price back up to $2.40, a level it hasn’t seen since July 30. This optimism stems from recent technical developments.
In a September 3rd X post, pseudonymous analyst Bluntz highlighted a “Perfect channel retest” on the WIF chart, suggesting that the asset may be poised for a significant move upward.
A sentiment that seems to be echoed by other analysts, citing the development as grounds that WIF is “ready for its next leg up.”
And traders are starting to catch wind, WIF open interest (OI), the total number of WIF futures contracts that have yet to be settled or expire, jumping 14% to $$231.48 million in the past 24 hours, according to CoinGlass data.
A rise to $2.40 would represent a 50% increase from current prices. However, deeper analysis suggests that this could be just Stage 1 in a broader narrative pushing WIF 6x from current prices.
WIF Price Analysis – The Key Barriers to a Surge
However, a closer look at the WIF chart reveals that this reversal may not unfold right away, as WIF still faces obstacles.
Most notably, WIF has yet to affirm its break above resistance at $1.58 after a break above it yesterday. If it holds and flips this level to support, it would confirm a move higher, shedding doubt of any significant downside in the near term.
Stronger momentum indicators seem to support further upside. Most notably, WIF’s Chaikin Money Flow (CMF) has broken into positive territory after a long period of stagnation, currently sitting at +0.06. This indicates relieved selling pressure, setting the stage for a potential rally.
However, this has not been enough to influence the Relative Strength Index (RSI), which remains subdued below the neutral line, currently at 48, suggesting that WIF still retains its bearish lean.
Despite this, a recent crossover of the MACD line above the Signale line suggests that the Bulls are starting to lead the charge.
This New Opportunity Has Higher Gains Potential
Although these WIF developments do set some interesting precedents for price action in the near term, emerging opportunities hold the potential for truly substantial gains.
Strategic investors may find an advantage in diversifying into newer low-cap meme coins that have the potential to rally exponentially.
Specifically, Crypto All-Stars ($STARS) presents a unique opportunity by pioneering the industry’s first meme coin staking platform.
The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.
This allows the most dedicated meme coin holders to stay true to their favourite coins while capitalizing on the gains staking offers. Something which may be credited to its instant success, raising almost $1 million in its first presale month!
This confidence is bolstered by STARS’s commitment to transparency, with two successful audits ensuring investor safety.
Beyond its pioneering approach to meme coin staking, $STARS itself offers one of the biggest passive income opportunities right now, with a lucrative 1,567% APY. While the market wanes amidst recent volatility, All-Star investors are raking in gains!
Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
