- Wen token price got huge liquidity based on its market cap.
- The price volatility of the WEN token price was very high at 13.04%.
The sentiment of the Wen token price was bullish, and its price advanced by 50% in the last seven days.
Price Overview Chart of WEN | Source: CoinMarketCap
The market cap value of the WEN token was $123.024M, and it ranked #319, as per CoinMarketCap. Also, the value of the traded volume for the token has advanced by 163% in the last 24 hours.
The surge in the WEN token metrics showed a rise in the demand for the token in the global crypto market. Also, the token’s volume/market cap ratio was 35.85%, which showed huge liquidity in the token price.
Moreover, the circulating supply of the token was 727.716B WEN, followed by a fully diluted market cap of $123.935M. The token’s price has advanced by 2055% from its all-time low level of $0.000007857.
The fear and greed index of the token at 70 showed greed among the traders and investors. It led to a market cap dominance of 0.01%.
WEN Token Derivatives Data Analysis
When writing, a huge surge of 43% was recorded in the derivatives open interest of the token, resulting in a value of $7.46M.
WEN Crypto Derivatives Liquidation Chart | Source: Coinglass
The traded volume value for the token has advanced by 210% in the last 24 hours. It resulted in a traded value of $20.88M.
Over the last 24 hours, the recorded short liquidation for the token was worth $2.88K, and the value of the longs liquidated was $2.88K. Also, the long liquidation for the token was worth $3.71K.
WEN Token Technical Analysis
Falling from the swing high of $0.00520, formed on 27th March 20224, the WEN token price declined by 80%.
WEN Crypto Daily Price Chart | Source: Tradingview
The strong profit booking in the WEN token price len of a descending triangle pattern on the chart. The token’s price further broke out above the same pattern with a strong surge in momentum.
The breakout in the token’s price further is followed by solid green candles and a rise in the volume. WEN crypto’s price has also advanced by 50% since the breakout.
WEN/USD Chart by TradingView
Although the token’s price broke above the 20-day and the 50-day EMAs on the daily chart and has sustained above the same, the EMAs were trading in a death crossover. If the price continues to advance, we might see a golden crossover on the chart.
The MACD and the signal line traded in a golden crossover, and the signal line broke out above the zero level.
The RSI followed a bullish cycle, breaking above the 14-day SMA on the daily chart. At press time, the RSI was at a level of 69, showing strength in the WEN token price.
Summary
The WEN token price has surged 50% in the last week, with a trading volume spike of 163%. Its bullish momentum was supported by high liquidity, a significant rise from its all-time low, and positive technical indicators like the MACD golden crossover and an RSI of 69, suggesting further potential gains.
The support levels for the WEN token at the time of writing were $0.000070 and $0.0000920, and the resistance levels were $0.000270 and $0.000520.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
