$W In that 13:00 post, I was cautious, because trading volume had increased while the price fell back to a key level. The hour that just ended gave us a new answer: the price reclaimed 0.017580. I’m still inclined to wait and see; whether it can hold after the spike is what’s more worth watching now.
At 14:07 Beijing time on October 8, WUSDT perpetual was quoted at 0.017968, up 23.432% over 24 hours. That’s a striking gain, but I’m more concerned with the newly completed 13:00–14:00 hourly candle. The rolling 24-hour change can’t stand in for what’s happening right now.
This hour closed at 0.018003, up 2.67%, with turnover of about 19.63 million USDT, 61.8% higher than from 12:00 to 13:00. The previous hour saw a high-volume decline; this one turned into a high-volume rise. At least that shows this round of trading did push the closing price higher. The “hourly close back above 0.017580” that I was waiting for in my previous post has now happened—that’s grounds to adjust my view.
But it’s still too early to confidently say that the price has broken out and held above resistance. The intrahour high was 0.018500, but the price closed back at 0.018003, leaving an upper wick. The close above 0.018000 was only marginally higher; we can’t focus only on the new high and ignore the pullback after the spike. Higher turnover is a fact, but the next move still needs to show whether selling pressure has been absorbed.
Open interest is also growing faster than the price. From 13:00 to 14:00, the number of open contracts rose from 622.4 million W to 670.5 million W, an increase of 7.73%. More positions stayed in the market as the price rose, which could make the next battle over key levels more intense. OI here is the outstanding amount of contracts; it shouldn’t be treated as net inflows, and it doesn’t tell us which side has the advantage among the new positions. If open interest keeps rising but the price can’t move higher, the case for chasing the rally weakens.
There’s no new 4-hour closing confirmation yet: the latest completed candle is still the one from 08:00 to 12:00, up 9.28%; the 12:00–16:00 candle is still in progress. The hourly chart has improved, but we can’t call it a 4-hour breakout before it closes. The funding rate settled at 12:00 was +0.001464%, but that doesn’t tell us what the next settlement will be. This figure alone isn’t enough to explain a short squeeze.
I’ll first watch to see whether there’s support if the price pulls back toward 0.018000, then see whether trading above 0.018500 can continue. If an hourly close puts the price back below 0.017580, this reclaim will need to be reassessed. If it also breaks below the 13:00–14:00 low of 0.017368, the short-term recovery will look weaker. A price spike, lively trading, and rising open interest can all happen at once; in the end, what matters is whether the closing price can keep moving higher.
I checked the Wormhole website directory this time and couldn’t verify any new announcement that coincided with this hour. The old W2.0 news can’t be treated as an immediate catalyst for today’s rise, and the risk of token supply being released doesn’t disappear just because the price has gone up. I’ll keep watching the price and volume, and wait for further confirmation. Data from Binance WUSDT perpetual; the chart uses only completed hourly candles. This is market commentary, not a recommendation to buy or sell.
At 14:07 Beijing time on October 8, WUSDT perpetual was quoted at 0.017968, up 23.432% over 24 hours. That’s a striking gain, but I’m more concerned with the newly completed 13:00–14:00 hourly candle. The rolling 24-hour change can’t stand in for what’s happening right now.
This hour closed at 0.018003, up 2.67%, with turnover of about 19.63 million USDT, 61.8% higher than from 12:00 to 13:00. The previous hour saw a high-volume decline; this one turned into a high-volume rise. At least that shows this round of trading did push the closing price higher. The “hourly close back above 0.017580” that I was waiting for in my previous post has now happened—that’s grounds to adjust my view.
But it’s still too early to confidently say that the price has broken out and held above resistance. The intrahour high was 0.018500, but the price closed back at 0.018003, leaving an upper wick. The close above 0.018000 was only marginally higher; we can’t focus only on the new high and ignore the pullback after the spike. Higher turnover is a fact, but the next move still needs to show whether selling pressure has been absorbed.
Open interest is also growing faster than the price. From 13:00 to 14:00, the number of open contracts rose from 622.4 million W to 670.5 million W, an increase of 7.73%. More positions stayed in the market as the price rose, which could make the next battle over key levels more intense. OI here is the outstanding amount of contracts; it shouldn’t be treated as net inflows, and it doesn’t tell us which side has the advantage among the new positions. If open interest keeps rising but the price can’t move higher, the case for chasing the rally weakens.
There’s no new 4-hour closing confirmation yet: the latest completed candle is still the one from 08:00 to 12:00, up 9.28%; the 12:00–16:00 candle is still in progress. The hourly chart has improved, but we can’t call it a 4-hour breakout before it closes. The funding rate settled at 12:00 was +0.001464%, but that doesn’t tell us what the next settlement will be. This figure alone isn’t enough to explain a short squeeze.
I’ll first watch to see whether there’s support if the price pulls back toward 0.018000, then see whether trading above 0.018500 can continue. If an hourly close puts the price back below 0.017580, this reclaim will need to be reassessed. If it also breaks below the 13:00–14:00 low of 0.017368, the short-term recovery will look weaker. A price spike, lively trading, and rising open interest can all happen at once; in the end, what matters is whether the closing price can keep moving higher.
I checked the Wormhole website directory this time and couldn’t verify any new announcement that coincided with this hour. The old W2.0 news can’t be treated as an immediate catalyst for today’s rise, and the risk of token supply being released doesn’t disappear just because the price has gone up. I’ll keep watching the price and volume, and wait for further confirmation. Data from Binance WUSDT perpetual; the chart uses only completed hourly candles. This is market commentary, not a recommendation to buy or sell.