Moonwell Cryptocurrency Up 100% in 7 Days: Is a 63% Rise Possible?
In the cryptocurrency market, Moonwell has been performing impressively recently. Its native token WELL has gained more than 100% in the past seven days, becoming one of the market's focal points.
Moonwell's price action is currently bullish, with the WELL token trading above $0.05. The WELL/USDT price has been climbing steadily since the market crash on August 20 confirmed the bottom. If it can break through and hold the key $0.05 level, the token is expected to move towards the $0.08 target, which would bring a potential gain of more than 63%. From the Bollinger Bands and MACD indicators, it also shows a good trend. The Bollinger Bands indicate an increase in momentum, and the MACD is already bullish, with enough trading volume to keep the price going higher and possibly above $0.08. At the same time, Moonwell's rising market capitalization also suggests a growing market interest, and if WELL reaches its target price, it could set a new all-time high.
From a technical perspective, Moonwell's migration to the underlying blockchain has triggered a surge in its total value locked (TVL) and borrowing amount. TVL currently stands at $263.36 million, with $143 million borrowed. In addition, active loans grew 56% on a monthly basis, and TVL grew 72%, equivalent to an increase of $102 million. Token Terminal's data further highlights the significant growth in fees generated by the Moonwell protocol, confirming its steady growth.
WELL's trading volume has increased by 204% over the past month, to approximately $70 million. Net deposits have also seen similar growth, increasing by 63%, totaling $229 million. Market capitalization has increased by 41% over the past 30 days, all of which reinforce Moonwell's development potential.
For investors, Moonwell's price action provides a good investment opportunity. If Bitcoin and Ethereum continue to maintain their upward momentum, Moonwell's staking rewards and liquidity may receive a greater boost, driving the token value further up. Given its good development prospects, WELL is expected to continue to climb in the coming months, possibly reaching new heights.
