WIF Cryptocurrency Surges 2.4% After Breaking Key Resistance

WIF, the cryptocurrency, has recently shown significant movement, rising 2.4% to $0.8573 after breaking out of a descending diagonal and reclaiming the Exponential Moving Average (EMA). This breakout marks the end of a local pullback and suggests the start of a potential wave (3) advance. The support level has been established at $0.8232, while resistance remains overhead at $0.9015 as the price exits the wave (2) structure.

This movement follows the completion of its initial impulse wave, labeled (1)-(5), and a brief local pullback. The price is now testing the early stages of a potential third wave, setting the stage for the next major trend leg. The breakout above the descending diagonal and the EMA confirms a shift in the local trend structure, indicating that the local corrective structure has ended.

Following a sustained downtrend that spanned months, WIF formed a clear five-wave structure up from local lows. The move culminated in wave (5) near the recent peak, after which a diagonal correction emerged. This consolidation unfolded beneath the EMA and within a tightening descending wedge. However, the price has now broken above that diagonal, closing above the moving average for the first time since the pullback began.

After finding local demand near $0.8232, prices began to form a higher low. The diagonal breakout indicates that wave (2) may now be complete. This level now acts as a short-term floor. Meanwhile, the price continues pressing toward the immediate resistance at $0.9015. The completion of wave (2) allows room for a possible third wave development, depending on price action over the next sessions.

Based on the current structure, WIF may be initiating its next leg within a larger wave count. The breakout above the wedge and EMA supports this possibility. Price continues to trade within a developing channel, with next targets positioned above current resistance. However, for confirmation, price must sustain above the $0.9015 resistance level, which would validate the start of wave (3).