Wormhole [W] has bounced in price in the past couple of days. Earlier this week, Bitcoin [BTC] bounced higher from the $58k level to trade at $62k.
Wormhole (W) has seen a remarkable price surge in recent days, outperforming the broader market and key cryptocurrencies like Bitcoin (BTC).
While the market has been largely bearish this year, with BTC and other coins struggling to sustain gains, W has managed to eke out some gains. This is especially noteworthy considering that most altcoins have been battered by the bear market.
However, despite the recent price increase, W’s long-term trend remains bearish. The daily chart shows that the coin has not set a new lower low since August, which could be a slight encouragement for the bulls. The price appears to be forming a range between $0.175 and $0.2785, with the local $0.2145 level serving as resistance in recent weeks.
This level was broken during the recent price surge, and the Directional Movement Index (DMI), which had been signaling a strong downtrend in progress, has begun to shift. The readings are now more neutral.
The Chaikin Money Flow (CMF) also climbed higher, with a +0.12 value reflecting a significant influx of capital to the Wormhole market. Overall, a move toward the local highs at $0.278 appears likely.
The bearish trend in the daily chart during August and the first half of September resulted in muted values on the Open Interest (OI) chart. Speculators largely preferred to remain sidelined, but this is slowly changing.
The price spike of the past few days has seen bulls enter the futures market, with the OI increasing by $5 million over the past two days.
The OI-weighted funding rate is also positive after a minor dip to negative territory on the 17th of September. This is another sign that participants are going long in the futures markets.
Overall, the next few days are likely to be bullish for Wormhole, provided Bitcoin does not see a sharp price drop.
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