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- 1 Despite this bearish trend, signs of a potential recovery have emerged on the daily chart, with the price holding at a crucial support level.
- 2 The W crypto has seen an increase of 6.27% in the past 24 hours and is traded at $0.5775 at this moment of writing.
The W crypto (Wormhole) has been in a devastating fall and bearish trend, and the chart showcases the strong dominance of bears. Likewise, the W crypto chart showed this week’s decline of -45.51% and this month’s of -62.36%, respectively.
However, the W crypto has revealed a sign of possible recovery coming soon on the daily chart, as the price showed sustenance gestures at a possible crucial support level of around $0.45500 on the chart.
W crypto may experience a significant surge from its current support level. That’s because the bulls are ready to break through the resistance level and could soar to new heights from the current support zone.
Currently, the W crypto has seen an increase of 6.27% in the past 24 hours and is traded at $0.5775 at this moment of writing.
Therefore, if the demand for the W price increases from the current support, it could bounce back remarkably. The next target for the price could be to reach $0.9000 and $1.1600.
In case the price value of W crypto is unable to remain above the level of $0.45500, it may experience a further decrease.
W Price Vs Volume Analysis
From April 3rd, 2024, volume continued to fall, and a significant descent in W crypto activity was observed, which illustrated decreased demand and excitement about Wormhole crypto’s price. The trading volume depleted from $1.86 Billion to the low of $250 Million by April’s second week on the W chart(Santiment website).
However, a significant rise in its activity was observed, illustrating hints of increased demand and excitement about the W price. Therefore, after declining and deteriorating, the price shows signs of sustenance as volume has risen.
W Crypto Development Activity Analysis
Moreover, the Wormhole highlights healthy developer activity as the developer’s activity contributor’s commit count is also changing over time. The developer’s activity and commit count have exhibited sustained growth. This chart highlights that a certain amount of regular work is going on in crypto, and developers are working seamlessly on it. These metrics highlight positive sentiment in the W crypto.
Summary
Wormhole (W) crypto has experienced a dramatic decline recently, with significant drops in both weekly (-45.51%) and monthly (-62.36%) charts. Despite this bearish trend, signs of a potential recovery have emerged on the daily chart, with the price holding at a crucial support level around $0.45500.
Bulls are preparing to break through resistance levels, indicating a possible surge in price from current support zones. The W crypto has seen a 6.27% increase in the past 24 hours, trading at $0.5775. If demand continues to rise, the price could target $0.9000 and $1.1600. On the other hand, failure to maintain above $0.45500 could lead to further declines.
While price activity initially decreased in April, recent sustenance suggests a growing interest in W crypto. Developer activity and commit counts are steadily increasing, reflecting positive sentiment toward the future of cryptocurrency.
Technical Levels
Support Levels: $0.45500
Resistance Levels: $0.9000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
