WIF's 18% Surge Hits Momentum Wall
The price of WIF surged 18% in a single session to reach $0.20, but the momentum is already losing steam. The Relative Strength Index (RSI) is at 83.80, which is an overbought signal, and the MACD histogram has reached absolute zero.
According to Lawrence Jengar, this is not a setup to chase, but rather one to respect and wait out. WIF has blown through its upper Bollinger Band, and the internal mechanics confirm exhaustion rather than a continuation of the move.
The short-term moving averages are miles below at $0.15-$0.16, which gives mean-reversion a tremendous gravitational pull to work with. The 200 SMA at $0.18 is now the line in the sand, and a clean hold there on any pullback would be a healthy reset.
However, the bearish case sharpens into something concrete when looking at volume and price alignment. Open interest on Binance Futures imploded 14% while WIF was simultaneously ripping 18% higher, which suggests short-liquidation squeezes rather than fresh capital entering the market with conviction.