Potential Bullish Reversal for WFI (WIF/USDT)

2 ago#WIF/USDT #Analysis
Description
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+ The chart shows a descending channel pattern forming since the peak in early 2024. The price has respected the upper and lower bounds of this channel multiple times, indicating a strong bearish trend within this range.
+ The price is currently approaching a significant support zone around $1.80, which aligns with the lower boundary of the descending channel.
+ A breakout above the upper boundary of the channel around $2.30 could signal a potential trend reversal.
+ The EMA 100 (blue line) and EMA 55 (light blue line) are currently acting as dynamic resistance levels. A break above these moving averages would add to the bullish sentiment.
+ If the price holds above the $1.80 support level and breaks out of the descending channel, we can expect a potential move towards the $4.00 - $4.50 resistance zone. Further upside could see the price targeting the $6.50 - $7.00 levels, as indicated by the dotted arrow path.
+ The RSI is currently at 37.31, indicating that the asset is in the oversold region. A reversal in RSI towards the 50 mark would support a bullish momentum shift.
+ As long as the price remains above the $1.80 support level, there is a potential for a bullish reversal.
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VectorAlgo Trade Details
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Entry Price: $1.80 with confirmation of suppor
Stop Loss: $1.3
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Target 1: 3.042
Target 2: 4.170
Target 3: 5.0
Target 4: 7.0
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Timeframe:1D (Daily)
Capital Risk: 1-2% of trading amount
Leverage: 5-10x
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Enhance, Trade, Grow
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VectorAlgo