WIF Price at Risk of Blowoff Top as Momentum Indicators Warn of Reversal

The price of WIF has been on the rise, reaching $0.23 intraday and pushing its RSI to 82, a level considered overbought. This has triggered warning signs for traders, as momentum indicators are waving a yellow flag.

Despite this, the trend structure is unambiguously bullish, with every short-term average supporting the price action. The bull case hinges on breaking through $0.23 resistance, which would open the door to $0.25.

However, the bear case suggests a pullback to $0.19 or even a deeper flush back to $0.18 is plausible if sentiment shifts and crowded longs start hitting exits simultaneously.