Deep Worm Price Surges 180%: Arthur Hayes Predicts $1 Billion Valuation
WORM is up 180% today and all the meme coin investors are talking about it. This is happening as high risk high reward assets are getting popular and the overall crypto market is rallying on post election optimism after Trump won.
Arthur Hayes, co-founder of BitMEX, recently said WORM is a “narrative driven DeSci project” and has massive upside. Hayes was a meme coin skeptic before but now sees WORM as one of the leaders and said “are you ready for the moon? $WORM to a billy”.
This change of heart has given investors more confidence and is driving more demand for the token.
Deep Worm/USDT Daily Technical Outlook: – November 20, 2024
Deep Worm/USDT is currently trading at $0.07983, reflecting an 8.21% decline over the last session. The asset is consolidating within a symmetrical triangle pattern, suggesting a potential breakout.
Despite the recent pullback, the price remains above the 50-day EMA, signaling sustained bullish momentum in the short term. Key support at $0.04400 has provided a reliable base, preventing further downside.
From a technical perspective, the pivot point is positioned at $0.05500, with immediate resistance at $0.09800. Further resistance levels are identified at $0.17466 and $0.35738, which could serve as significant hurdles in the event of an upward breakout.
On the downside, the immediate support level remains at $0.04400, followed by additional supports at $0.03256 and $0.01851, offering strong cushions against potential declines.
Technical indicators further highlight the current market dynamics. The RSI stands at 72.74, indicating overbought conditions, which may lead to a brief consolidation phase or minor correction.
However, the price trading above the 50-day EMA supports a bullish outlook, with the EMA acting as a dynamic support level for the price action.
In conclusion, Deep Worm/USDT is at a critical juncture, with the symmetrical triangle pattern hinting at a potential breakout.
A move above $0.09800 could drive the price toward $0.17466, while a break below $0.04400 might expose it to deeper corrections toward $0.03256.
Traders are advised to closely monitor the RSI and 50 EMA for further clues on market direction.
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