Wormhole (W): Is the Correction Over? Targeting $0.1700 and $0.2

Greetings, fellow traders!

Following a significant rally that reached the $0.1300 resistance zone, Wormhole (W) is currently undergoing a corrective phase. This retracement is finding support near the key 0.50 and 0.618 Fibonacci levels, a common area for price consolidation before a potential trend continuation.

Anticipated Price Action:

Based on the current technical structure, a resumption of the upward trend towards the $0.1700 and $0.2000 resistance levels is anticipated. The timeframe for this projected move is estimated to be within the next 24 hours. However, this is a projection, and market conditions can change rapidly.

Trading Considerations:

Cautious Entry: While a continuation of the uptrend is likely, traders should exercise caution when initiating long positions. Confirmation of bullish momentum, such as a strong bullish candlestick pattern or a break above a short-term resistance level, is recommended before entry. Entering during a retracement carries increased risk.
Fibonacci Support: Monitor price action closely around the 0.50 and 0.618 Fibonacci levels. These levels may act as potential support and provide opportunities for entry, if accompanied by bullish confirmation signals.
Timeframe: Keep the projected 24-hour timeframe in mind, but remain adaptable to changing market dynamics.

Disclaimer:

This analysis is for informational purposes only and should not be considered financial advice. All trading decisions should be made after conducting thorough independent research, including a comprehensive risk assessment. Market conditions can be volatile, and past performance is not indicative of future results.