- Wormhole had a bearish trajectory until recently.
The bullish belief was gaining momentum.
As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull and bear markets. Wormhole [W] has been on a bearish trajectory for quite some time, but recent events suggest that a change might be brewing.
Over the past few days, the price of Wormhole has experienced a significant leap. Interestingly, earlier this week, Bitcoin also saw an increase after it moved up from around $58,000 to trade at approximately $62,000 at the current moment. This rise represents a 7.8% increase for Bitcoin, but surprisingly, Wormhole’s price jump surpassed this percentage.
Over the last three days, W saw a rise of approximately 19.39%, surpassing Bitcoin’s performance. Yet, its overall trajectory continues to suggest a downward trend in the long term.
The market structure and trends weren’t encouraging
Over the past two months (August onwards), there hasn’t been a new record low on W‘s daily chart, which has provided a bit of optimism for the bullish investors. The price seems to be moving within a band, roughly between $0.175 and $0.2785. Lately, the $0.2145 level has acted as a barrier, preventing any significant upward movement.
During the latest price spike, this level showed signs of being breached. TheDirectional Movement Index, previously indicating a substantial downward trend, started to change direction. Now, its readings suggest a more balanced or neutral state.
Additionally, the CMF rose further. This increase of 0.12 suggested a substantial injection of capital into the Wormhole market. In essence, reaching the nearby peak at $0.278 seemed probable.
Sentiment was picking up
During August and the early part of September, a downward trend characterized the daily price chart, yet the Open Interest chart showed relatively subdued figures. It appears that speculators opted to stay on the sidelines, though this situation started to shift gradually.
Over the last couple of days, the surge in prices has motivated investors (bulls) to jump into the futures market, resulting in a rise of $5 million in total investments (Open Interest) over the same period.
Read Wormhole’s [W] Price Prediction 2024-25
On September 17th, the OI-adjusted funding rate briefly dipped into negative territory but quickly turned positive again, indicating that market participants are increasingly opting for long positions in the futures market.
In simpler terms, Wormhole seems poised for an upward trend over the coming days, assuming Bitcoin’s price doesn’t experience a significant decline.
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2024-09-19 20:07