WIF saw a sharp intraday reversal of 7% on Tuesday, climbing from $0.155 to $0.169. The move comes as top traders are piling into long positions, even though the broader technical picture remains bearish.
Traders Accumulate Longs
Data from major exchanges shows that large holders are increasing their long exposure. This accumulation is happening despite the fact that key moving averages still sit above the current price, a classic sign that the downtrend hasn't broken. The divergence between trader sentiment and price structure is drawing attention.
Bearish Structure Holds
Major moving averages — including the 50-day and 200-day — remain above WIF's spot price. That means the path of least resistance is still downward from a technical standpoint. Until the token can reclaim those levels, the bearish structure stays intact.
Taker Buy Pressure Rises
On the order book side, taker buy volume is currently elevated. This suggests that aggressive buying is driving the recent bounce, rather than passive limit orders. Whether this buying pressure can sustain a breakout above resistance is the open question.
The next few trading sessions will show if the accumulation by top traders can overpower the overhead supply from the moving averages. If WIF fails to hold its gains, the reversal could be short-lived.
