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The Moonwell price surged 10% in the last 24 hours to trade at $0.0998 as of 00:27 a.m. EST on trading volume that plunged 36% to $23 million.
Moonwell Price Could Continue Soaring
The WELLUSD chart shows a breakout from a rising channel pattern around mid-October, where the price surged above the upper trendline with increased volume. The breakout from this pattern typically signals strong bullish momentum as traders enter to catch the breakout rally.
Meanwhile, the support zone around $0.057 allowed the bulls to push the price of Moonwell through a parabolic surge, according to data from GeckoTerminal.
WELL price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the sustained bullish trend.
The Relative Strength Index (RSI) is currently at 65.67, near the overbought threshold of 70. While the price of Moonwell is not yet in the overbought zone, it’s approaching it, indicating that momentum is strong.
The Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange) and above the zero line, which is another bullish signal. The MACD histogram bars are positive, reflecting bullish momentum, though they appear to be flattening slightly, which could indicate a potential slowdown in bullish momentum.
Moonwell Price Prediction
According to the Moonwell price analysis, WELL is moving towards a sustained bullish stance as it continues to soar. If this momentum continues, WELL could soar even higher, with the bulls likely to push the price of Moonwell to the next resistance level at $0.12.
However, the RSI shows a sustained bullish pressure. If RSI crosses above 70, it could signal overbought conditions, and traders might start watching for potential pullbacks. In the short term, the price of Moonwell could drop back to the $0.0715 support level, coinciding with the 50-day SMA.
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