WELL token skyrockets while crypto market does the cha-cha! 💃🚀

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So, guess what? The Moonwell token decided to jump over a key resistance level on Friday, like it’s auditioning for the Olympics of decentralized finance! 🏅

Moonwell (WELL) has soared to a dazzling $0.03900, the highest it’s been since February 1. That’s a whopping 157% increase from its lowest point in March! And all this while the crypto market is having a meltdown. Talk about a dramatic entrance! 🎭

But wait, there’s more! The Moonwell token is not just sitting pretty; it’s strutting its stuff as the ecosystem grows. According to DeFi Llama (yes, that’s a thing), the total value locked has jumped to a record high of $251.5 million. That’s a significant leap from April’s low of $101 million. Most of these assets are chilling on Base, the layer-2 blockchain that Coinbase launched in 2023. 🦙💰

And let’s not forget about the developers! Moonwell is seeing more action than a soap opera, with 156 commits this month—the highest since March! The developer count has risen to a staggering six. Yes, six! Someone call the press! 📰

Oh, and the WELL token is on a roll because the community voted to expand its tech to Optimism’s Superchain. This is like unifying the Avengers of contracts across chains, sharing governance, and offering a single app interface. Who knew crypto could be so… cooperative? 🤝

Moonwell is one of the fastest-growing players in DeFi. It’s like the new kid on the block, rivaling AAVE (AAVE) and other lending protocols. Users can deposit their coins and earn rewards, while borrowers can access capital. For instance, a USDC deposit attracts a supply APY of 6.8% and a borrow APY of 5.8%. Not too shabby, right? 💸

WELL price technical analysis

Now, let’s talk charts! The daily chart shows that the Moonwell token bottomed at $0.01510 in April and then decided to bounce back like a rubber ball as the crypto market recovered. It’s now above the 50-day moving average and is at the 23.6% Fibonacci retracement level at $0.038. Fancy, huh? 📈

It also managed to leap over the crucial resistance level at $0.037, which was the previous highest point this month. Go, Moonwell, go! 🏃‍♂️💨

But hold your horses! The Average Directional Index is pointing downward, which is like a warning sign that the rally might not be as strong as it looks. Plus, the coin is slowly forming a rising wedge pattern—a classic bearish reversal pattern. Yikes! 😱

So, there’s a risk that this ongoing rally could reverse, potentially sending it below $0.030. But if it breaks above the upper side of the wedge pattern, we might be in for a bullish trend, possibly reaching the 50% Fibonacci retracement level at $0.065. Fingers crossed! 🤞

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2025-05-30 18:30