$WEN price prediction: Key highlights

 

1. Primary support and resistance levels

• In the daily time frame, $0.00007 can likely be the lowest support level for the asset.
• Meanwhile, the highest potential resistance is anticipated to be around $0.00051.

2. Market sentiment

• The market sentiment for the token is seen to be slightly bearish in May 2024.

3. Predictive forecasts

• Based on our AI/ML predictive models, the average price for $WEN is projected to reach $0.01 in 2029 and soar to $0.9 in 2035.

Gain detailed insights on $WEN via an extensive daily technical analysis, followed by the coming days of the month, upcoming months, and yearly forecast tables derived from our AI/ML-based predictive models:

 

$WEN technical analysis: Memecoin craze fades as price dumps

 

Dogs and frogs have dominated the memecoin market for a considerable time. Now, with $WEN—the new Solana (SOL)-based memecoin, cats have entered the market. Thus, the Wen price prediction for 2024 presents an opportunity to analyze the potential of this new token.

 

An analysis of the daily chart revealed that the period began with the price falling below $0.00035. Early attempts to flip this level succeeded briefly before losing momentum to bearish pressure. Continued declines pushed the memecoin to graze $0.00017.

 

The bulls tried to initiate a recovery, which elevated the price above $0.00021. The wavering attempt managed to push the token to test the support-turned-resistance at $0.00026. Nonetheless, the selling pressure was too strong to overcome, precipitating another series of drops.

 

This decisively turned $0.00021 into a barrier for any upswings. Attempts to test this level in early May faced a similar outcome as the price depreciated, bottoming out at the lowest chart support of $0.00015.
 

Despite losing their gains, the buyers remained resilient and reclaimed  $0.00017 mid-month. For now, $WEN has managed to hold on to this level. At the time of writing, the token had slightly recovered to trade at $0.00018.

 

Current dynamics suggest that bulls need to stabilize above $0.00021 to regain the upper hand in the market. If buying pressure intensifies, it could drive the price to test the $0.00035 mark and possibly ascend toward the all-time high (ATH). A speculative extension to $0.00080 is conceivable, though it would require significant time and overcoming $0.00051 to materialize.
 

Given the market’s slight bearish condition, the current support is under threat. Should it falter, the price might fall to the lowest floor. Increased selling pressure can even drive the token as low as $0.00007. 
 

Notwithstanding, the predictive models forecast an optimistic future for the cat-themed token. According to the predictions, $WEN can average a price point of $0.01 within the next five years and is expected to grow to $0.9 in 2035.

 

$WEN’s 2024 roadmap: Key indicators to watch and trade

• The trading volume remained high even as the price depreciated. From late April, it experienced a drop from its previous highs. Yet, attempts at recovery were supported by a modest increase in volume.    
• The Chaikin Money Flow (CMF) fluctuated frequently across the neutral zero threshold. It registered positive values in early and mid-April before encountering sustained negative values until early May.
• After another strong dip, the indicator turned positive in mid-May and then retraced its steps below the zero line. As the analysis period approached its end, the CMF registered at -0.07. This pointed to a dominant selling sentiment.
• The Awesome Oscillator (AO) fell below the zero line in early April and remained there until the end of the analysis. Since mid-May, the negative values have been decreasing.
• At press time, it stood at -0.0000078. This value might hint at a weakening bearish sentiment.