1. Market Cap
The market capitalization of $2.1 billion indicates a substantial value for $W. This suggests that it has garnered significant attention and investment in the cryptocurrency market.
2. Fair Launch
Assessing whether $W had a fair launch involves looking into factors such as distribution of tokens, initial allocation, and any pre-sale or private sale arrangements. If the distribution was equitable and transparent, it could be considered a fair launch. However, without specific details, it’s challenging to determine definitively.
3. Trading Activity
The mention of high volume and increasing open interest implies active trading interest in $W. High volume often accompanies price movements, indicating that there is significant activity and liquidity in the market.
4. Price Action
The analysis suggests waiting for a balance and breakout in price action. This means observing the price movements for signs of stability and a potential upward trend before considering entry into the market.
5. Market Structure
The current market structure is described as bearish, indicating a downward trend in prices. Support levels at $1.1 and potentially $0.90 provide insight into where buyers may step in to support the price. Monitoring these support levels can help gauge the strength of bearish momentum.
6. Entry Strategy
Entry into the market is planned upon a technical bullish breakout above the main resistance level of $1.25. This approach involves waiting for confirmation of a positive price movement before initiating a position, which can help reduce risk.
7. Confirmation Factors
Confirmation of increasing open interest after the breakout is highlighted as crucial for a bullish outlook. Rising open interest alongside price increases can indicate growing investor interest and potential further price appreciation.
