Assessing Whether Wormhole’s 13.93% Rise Is the Start of a Bull Rally
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Contributor
- Wormhole faced significant resistance at $0.3737 and a solid support level at $0.3245 as of the latest update.
- Open interest rose by 10.57%, demonstrating heightened interest from traders despite mixed signals from on-chain data.
Wormhole [W] experienced a notable 13.93% rise in the past 24 hours, bringing its price to $0.3626 currently. This sharp rise, alongside a substantial 37% boost in trading volume, raises queries about whether the token is nearing a breakout.
Investors are vigilantly observing crucial technical levels to determine if this momentum can be sustained or if an impending correction looms.
Main Support and Resistance Levels to Monitor
As of now, the token approaches a resistance level of $0.3737 based on Bollinger Bands analysis. If it fails to move above this point, a potential correction could occur; however, strong support at $0.3245 might allow for continued upward movement.
The RSI reading was at 68.64, indicating an overbought condition and suggesting that caution may be needed as the asset nears these critical thresholds.
Source: TradingView.
The Social Dominance of Wormhole – Remains Limited
A social dominance reading of 0.488% indicates that it has not yet garnered sufficient attention for triggering a significant rally.
If social dominance were to increase, it could serve as a catalyst for further price leaps; investors are closely tracking online discussions for changes in market sentiment.
Source: Santiment
Mixed Signals from On-chain Data
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