Moonwell Price Surges 31% in 24 Hours
Moonwell (WELL) has experienced a significant price surge, rising 31% in the last 24 hours to trade at $0.01663. This surge comes alongside a 371% increase in trading volume, reaching $2.6 million.
Technical Analysis Suggests Bullish Breakout
The price action of WELL/USD is showing a bullish pattern with a rounded bottom formation, indicating a potential reversal from the recent downtrend. This pattern is often considered a strong reversal signal, suggesting that the market may have found a solid base and could be gearing up for further upward movement.
The price is currently trading above the 50-day simple moving average (SMA) at approximately $0.01499. This move above the SMA is a positive sign, suggesting a shift in momentum.
The MACD indicator also supports the bullish sentiment, showing a bullish crossover with the MACD line moving above the signal line. The histogram bars are increasing and above the neutral level, further reinforcing the potential for continued upward momentum.
Additionally, the RSI is at 62.02, indicating bullish sentiment but not yet overbought. This suggests that there is still room for further upside.
Potential Price Targets
If the momentum continues, the price could move towards the major resistance level at $0.02500. A successful break above this level could open the door for further gains, potentially pushing the price towards $0.03000 or higher.
However, if the price fails to sustain its current levels and begins to decline, it may revisit the 50 SMA at $0.01499 or test lower support areas.
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