- WIF open interest tripled alongside price since mid-April.
- Cup-and-handle pattern forms, targeting a breakout near $1.30.
- Elliott Wave count suggests wave 3 impulse could soon begin
$WIF is showing early signs of a potential upward breakout as technical and on-chain indicators align. Morecryptoonl shared analysis, WIF has dipped into micro support, potentially marking wave 2 of a white Elliott Wave scenario. At the time of analysis, WIF traded near $0.995, posting a 2.90% intraday gain.
However, analysts noted that price reaction remained subdued, lacking momentum to confirm an immediate bullish reversal. The critical resistance level to monitor is $1.17.
A sustained move above this level would indicate that a third wave, typically the strongest, may have started. Fibonacci projections suggest a bullish path toward the $3.00–$5.00 range. Immediate short-term support lies between $0.90 and $0.95.
Open Interest Growth Reflects Bullish Sentiment
Meanwhile, Coinglass data shows a significant rise in WIF futures open interest since mid-April. Both price and open interest have climbed in tandem, indicating increased participation and growing trader confidence.
From a low near $0.30, WIF surged past $3.00 in July before experiencing a mild correction. During this period, open interest expanded from around $200 million to over $600 million.
This threefold increase reflects heightened speculative activity and a strong correlation with price movement. Analysts interpret this as a bullish signal, emphasizing the supportive role of derivatives in the ongoing price structure.
High-Timeframe Setup Targets $4–$5 Range
A high-timeframe chart shows a cup-and-handle pattern forming on WIF, typically viewed as a bullish continuation pattern. The breakout level is set at $1.30. If WIF breaks above this threshold with strong volume, analysts expect a sharp move toward the $4.00–$5.00 range.
This target implies a potential 276% upside from current levels. The price has also moved back above the Ichimoku cloud, further supporting the bullish case. Analysts are watching for a volume spike at resistance to validate the pattern and confirm breakout strength.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
