$W
I see a lot of people talking about this W recently, so I’d like to say a few words here.
Please note the Parabolic Stop and Reversal (SAR) indicator, which tracks the W price from below. As long as this price-tracking indicator tracks the price from below, the possibility of an uptick is high.
However, according to the outlook of the Relative Strength Index (RSI), which is still below the “50” average, the upward trajectory may be delayed as the bulls adjust. And the Moving Average Convergence Divergence (MACD) reinforces this assumption as they are in negative territory.
If W bulls recover the market, the key levels to watch are $1.183 and $1.442. Turning the seller congestion level into support will encourage more buy orders. The subsequent buyer momentum may push the price of the coin further up, potentially as high as the peak of $1.860.
Conversely, the MACD in negative territory suggests that bears are also in play. If this group of traders takes over the market, the W price may fall below the current support level. In a severe case, the downtrend could lead Wormhole price to a range low of $0.050.
Meanwhile, the pre-money price move to $1 million is on the cards as Wormhole price has already filled a descending wedge pattern, confirming the next directional bias.
