Deep Worm Price Surges 180%: Arthur Hayes Predicts $1 Billion Valuation

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.