Despite a prolongeddowntrend,Wormhole（W）shows bullish signs with potential for a50%rise,driven by technical indicators and marketdynamics.
Points
- Wormhole（W）pricehasshowna2.06%increasethisweek.
- Technicalindicatorssuggestpotentialfora50%rise.
- Markettrendsandinvestorsentimentplayacrucialrole.
- Derivativesdatasignalsmixedbearishnessandbullishness.
WormholePriceAnalysis
Wormhole（W）has shown bullish signs thisweek,with a2.06%increase from the support level of$0.3185.Currently trading at$0.35,Wormhole’smarket value stands at$639.28million,ranking it98thonCoinMarketCap.The price had reached anall-timelow（ATL）of$0.3185in June2024and has since rebounded by10%.Despite being down81%from itsall-timehigh（ATH）of$1.80in April2024,recent trends suggest a potentialrecovery.
DerivativesDataandTechnicalIndicators
According toCoinglass,the open interest inWormhole’scontracts surged by2.44%,with a43.74%increase in trading volume over the last24hours.The derivatives data shows higher long liquidation compared to shortliquidation,indicating that bears still have somecontrol.However,technical indicators such as the50-dayEMA and RSI recovering from oversold territory suggest potential bullishmomentum.
Analysts’Insights
DaanCrypto,awell-knownanalyst,shared insights onTwitter,suggesting that Wormhole could experience a significant rise upon breaking its currenttrend:
$WOne of those new coins that launched too high and has been down onlysince.
These past few daysit’sbeen trying to change the low timeframe trend around and I think it can go for a decent squeeze higher upon abreakout.
https://twitter.com/DaanCrypto/status/1808441050442166384
PriceHighlightsandFutureOutlook
At presstime,Wormhole is trading at$0.35.If the price continues torise,it could reach the resistance level of$0.5313.Conversely,if bearish pressurepersists,the price could fallfurther.Indicators such as the MACD showing a bullish cross in negative territory and the RSI recovering from oversold suggest mixed signals but potential forgrowth.
解説
- BullishSigns:Despiteaprolongeddowntrend,Wormhole（W）showspotentialforrecovery,indicatedbyrecentpriceincreasesandtechnicalindicators.
- MarketSentiment:Mixedsignalsfromderivativesdataandtechnicalanalysishighlighttheimportanceofinvestorsentimentindrivingfuturepricemovements.
- AnalystPredictions:InsightsfromanalystslikeDaanCryptosuggestapotentialbreakout,reinforcingthepossibilityofasignificantpricerise.
- InvestmentStrategy:Investorsshouldconsiderbothbullishandbearishindicators,maintainingabalancedapproachtomanagerisksandcapitalizeonpotentialgains.