Can Wormhole sustain its momentum, hit $1? Assessing…
The post Can Wormhole sustain its momentum, hit $1? Assessing… appeared on BitcoinEthereumNews.com.
Wormhole’s breakout and retest at $0.277 set the stage for a potential rally. Market sentiment strengthened as Open Interest rose, despite mixed technical signals. Wormhole [W] has shown remarkable resilience, breaking out of its extended downtrend and retesting $0.277 as a solid support level. This bullish confirmation has set the stage for potential upside, with Wormhole now targeting a critical resistance at $0.362. At press time, Wormhole was trading at $0.3197, reflecting a 2.64% dip in the last 24 hours. However, the overall sentiment remained optimistic as traders focused on whether Wormhole can breach this resistance and aim for higher levels like $1.0084. Wormhole price movement and key resistance Wormhole’s price action highlighted its potential for further bullish momentum. The breakout above the descending trendline, followed by a successful retest at $0.277, underscored growing confidence among investors. However, the $0.362 resistance is a key hurdle that must be cleared to confirm the rally’s strength. Surpassing this level could open the path toward the $1.0084 target, which aligns with its next significant resistance zone. On the other hand, failure to break above $0.362 could result in consolidation, with $0.277 continuing to act as a pivotal support. Therefore, the next sessions are critical in determining whether $W will extend its gains or retrace to retest its support levels. Source: TradingView What do technical indicators suggest? The technical indicators present a mixed outlook. The MACD revealed a mild bearish divergence as the MACD line falls below the signal line, indicating a potential slowdown in momentum. However, the ADX read 22.26, suggesting moderate trend strength. Therefore, if Wormhole successfully breaks above $0.362, it could reinvigorate the uptrend and push the ADX higher, confirming stronger momentum in the rally. Source: TradingView Wormhole address stats and network engagement On-chain data provides additional insights into Wormhole’s activity.…
Filed under: News - @ December 15, 2024 6:11 pm