Assessing if Wormhole’s 13.93% hike is the start of a new bull rally
The post Assessing if Wormhole’s 13.93% hike is the start of a new bull rally appeared on BitcoinEthereumNews.com.
Wormhole, at press time, faced key resistance at $0.3737, with strong support at $0.3245 Open Interest climbed by 10.57%, suggesting strong trader interest despite mixed on-chain data Wormhole [W] recorded a significant surge of 13.93% over the past 24 hours, propelling its price to $0.3626 at press time. This sharp hike, along with a 37% jump in trading volume, has raised questions about whether the token is nearing a breakout or not. Investors are watching key technical levels closely to see if the momentum can continue or if a correction is around the corner. Key support and resistance levels to watch At the time of writing, the token was approaching a resistance level of $0.3737, according to Bollinger Bands analysis. If the price fails to break through, a retracement could follow. However, strong support at $0.3245 might allow the bullish trend to persist. Additionally, the RSI had a reading of 68.64. This pointed to an overbought market condition, signaling that caution may be necessary as the asset nears these thresholds. Source: TradingView Wormhole social dominance – Still modest The social dominance had a reading of 0.488%, indicating that it has not yet captured enough attention for a massive rally. However, if social dominance rises, it could act as a catalyst for further price gains. Investors are closely monitoring online discussions to anticipate any shifts in market sentiment. Source: Santiment On-chain data provides mixed signals On-chain indicators offer a more complex picture though. Net network growth fell by 3.59%, indicating slower user adoption. Large transactions also fell by 16.55%, pointing to a drop in whale activity. However, the “In the Money” indicator flashed neutral, reflecting that most holders may be at break-even levels. These factors suggested potential volatility in the near term. Source: IntoTheblock Wormhole’s Open Interest on the rise An…
Filed under: News - @ October 5, 2024 11:03 pm