Evaluate whether the 13.93% increase in #w is the beginning of a new bull market!
Wormhole faces resistance at $0.3737, with strong support at $0.3245.
Open interest surged by 10.57%, traders are enthusiastic, but on-chain data is mixed
Wormhole [W] price surged 13.93% in the last 24 hours, and is now priced at $0.3367. This surge, coupled with a 37% surge in trading volume, makes people wonder if the token is about to break through.
Key support and resistance to watch
According to Bollinger Band analysis, Wormhole is now approaching the $0.3737 resistance level. If it can't get through, it may have to pull back. However, there is strong support at $0.3245, which may allow the upward trend to continue.
The RSI indicator is now 68.64, the market is a bit overbought, be careful, the asset is about to hit these thresholds.
Wormhole's social attention is not high
The social attention is only 0.488%, which means that this token is not popular enough to drive a big rebound.
However, if the social attention goes up, it may become a catalyst for price increases. Investors are watching online discussions to know in advance how market sentiment has changed.
On-chain data is a bit complicated
The picture given by on-chain indicators is a bit complicated. Internet users are growing 3.59% slower, and large transactions are 16.55% less, indicating that whales are not as active.
Wormhole's open interest is rising
The good news is that the open interest is $50.72 million. This shows that more and more traders are betting that the price will continue to move.
The rise in open interest may help Wormhole break through the current resistance level.
It may break out, but be careful
Wormhole is now in good momentum, open interest is rising, and there is a strong support level. However, the signals given by social attention and on-chain data are a bit confusing, and traders have to be careful.
It is necessary to break through the key resistance level of $0.3737 to achieve a sustained rebound.
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