World Liberty Financial [WLFI] saw a 166% hike in daily trading volume. It was remarkable, especially heading into the weekend after Bitcoin [BTC] had retraced by 4.35% within a day.
Despite the massive volume uptick, however, WLFI was only trading 0.39% higher in 24 hours. It saw high volatility within the day and faced rejection from a local supply zone.
In an earlier report, AMBCrypto had called for traders to sell the bounce. WLFI just provided that opportunity. News that the World Liberty Financial team had sent 39.7M WLFI worth $4 million to Binance simply reinforced bears’ conviction.
Is there hope of a long-term WLFI recovery?
Source: WLFI/USDT on TradingViewThe 3-day chart revealed a bearish trend in progress. The most recent lower low at $0.0961, set in the first week of February, was not breached on the 3-day timeframe last week.
At the same time, the local high at $0.11 has held. The $0.13-swing level must be broken to flip the 1-day or 3-day timeframe’s internal price structure bullishly. As things stand, this might be unlikely to occur next week.
The short-term WLFI price prediction
Source: WLFI/USDT on TradingViewThe H4 swing structure was bearish, and the recent rally to $0.111 was only a retracement. The Fibonacci retracement levels confirmed the validity of the higher timeframe bearish outlook following the rejection at $0.111.
The A/D indicator was bearish. The Awesome Oscillator revealed that momentum was upwards, but was beginning to fade. As things stand, it may be highly likely that WLFI will continue its bearish trend.
To the south, the Fibonacci extension levels at $0.0885 and $0.079 were the next price targets for bearish swing traders.
Final Summary
- World Liberty Financial token’s price saw a strong rally alongside Bitcoin and the wider market on Friday.
- The higher timeframe’s bearish trend persisted and the next move is likely to be a price drop below the $0.0938-local low.
Source: https://ambcrypto.com/all-the-reasons-why-wlfis-price-is-ready-for-a-bearish-continuation-move-now/
