$W This move nearly doubled the price—is my read wrong?
Wormhole is currently around 0.0295, up nearly 70% in the past 24 hours. It climbed from a low of 0.0172 all the way to 0.0315, with a trading volume of 330 million U. It’s up another 34% over the past 6 hours, with 4 of the last 6 candles closing green and volume 2.8 times higher than in the previous 6 hours. I haven’t seen any clear news, so this is purely driven by capital flows. That makes it all the more important to keep a close eye on the market.
Technically, the current price is above the MA7 (around 0.0268), while the MA25 is around 0.0212. All the short- and medium-term moving averages are below the price and providing support, forming a textbook bullish alignment. The catch is that open interest is only $24 million, up just 0.5% in the past hour, and the long-to-short account ratio among large traders is 0.80—short accounts still outnumber long accounts, and the funding rate is -0.0031%, meaning shorts are paying longs.
What does that tell us? Not much big money has followed through on this rally, and shorts are still crowded in. Is this being pushed higher by shorts forced to close their positions, or did someone get in early? It feels a bit like a surprise attack.
I’m leaning bullish here. If it pulls back to around 0.0268 and holds, I’d stay optimistic. If it breaks through 0.0315, the next target is 0.035. But don’t celebrate too soon: 0.0315 is the hard ceiling for this move. If it can’t break through, we may see a shakeout first.
I’ll keep buying on pullbacks, as long as the MA7 holds.
Wormhole is currently around 0.0295, up nearly 70% in the past 24 hours. It climbed from a low of 0.0172 all the way to 0.0315, with a trading volume of 330 million U. It’s up another 34% over the past 6 hours, with 4 of the last 6 candles closing green and volume 2.8 times higher than in the previous 6 hours. I haven’t seen any clear news, so this is purely driven by capital flows. That makes it all the more important to keep a close eye on the market.
Technically, the current price is above the MA7 (around 0.0268), while the MA25 is around 0.0212. All the short- and medium-term moving averages are below the price and providing support, forming a textbook bullish alignment. The catch is that open interest is only $24 million, up just 0.5% in the past hour, and the long-to-short account ratio among large traders is 0.80—short accounts still outnumber long accounts, and the funding rate is -0.0031%, meaning shorts are paying longs.
What does that tell us? Not much big money has followed through on this rally, and shorts are still crowded in. Is this being pushed higher by shorts forced to close their positions, or did someone get in early? It feels a bit like a surprise attack.
I’m leaning bullish here. If it pulls back to around 0.0268 and holds, I’d stay optimistic. If it breaks through 0.0315, the next target is 0.035. But don’t celebrate too soon: 0.0315 is the hard ceiling for this move. If it can’t break through, we may see a shakeout first.
I’ll keep buying on pullbacks, as long as the MA7 holds.