WIF Surges 19% in 24 Hours, Top Traders Bet on Further Rally

WIF, a cryptocurrency, is currently trading at a critical level that will determine its next price movement. Top derivative traders across exchanges are beginning to buy the asset, with spot traders following suit. In the past 24 hours, WIF saw a massive price surge, reaching $0.628 after a 19% increase. While the rally remains intact, WIF has hit a major resistance level.

At the time of writing, WIF is facing a major barrier on the chart at the descending resistance, which coincides with a Fibonacci retracement level. WIF has reacted negatively to this level, experiencing a minor price pullback. However, analysis suggests that the asset could break through the resistance and rally 34% to a new high of $0.897. There’s also a possibility that WIF declines from its current level and trades into two key support zones before bouncing back to breach the resistance level and reach the rally’s peak target.

Currently, the top traders by account size on Binance and OKX are making long bets on WIF, with buying volume surging significantly. This indicates strong conviction in WIF’s upward movement, which has historically been positive for price action. Open Interest and Funding Rate have both risen simultaneously as these top traders enter the market, indicating that several WIF contracts have been opened, dominated by buyers betting on the asset’s price climbing higher.

Spot traders are exhibiting similar buying behavior, as the week-over-week exchange netflow remains negative. Throughout February, a total of $64.49 million worth of WIF has been bought and withdrawn from exchanges. Movements like these reduce WIF’s exchange supply, which is expected to have a positive impact on price, as limited access to the asset could drive its value higher.