Wormhole Crypto Shows Sideways Structure: Can It Hit The $2 Mark?

• 1 Developer activity remains strong, showing continual growth over the past six months.
• 2 It is active on top blockchains like Ethereum, Arbitrum, and Solana, allowing easy transfer of W tokens without liquidity pools.

Regardless of the calm state of the crypto markets, Wormhole has drawn interest because of its distinctive characteristics and recent price fluctuations. Wormhole is currently active on various leading blockchains such as Ethereum, Arbitrum, Solana, and more.

This release enables users to move W tokens quickly without requiring liquidity pools. These tokens can operate effortlessly as ERC-20 tokens on EVM-compatible chains and as SPL tokens on Solana while maintaining compatibility with EVM.

This advancement creates opportunities for developing multi-chain solutions. This milestone signifies a major achievement for Wormhole, showing they have successfully finished the second phase detailed in their W token launch plan.

Wormhole's W token is now natively multichain using the Wormhole Native Token Transfers (NTT) framework 💥

Native W is now available in SPL format on @Solana and ERC20 format on @Ethereum, @arbitrum, @Optimism, and @buildonbase. pic.twitter.com/pwaJohYGXT

— Wormhole (@wormhole) April 25, 2024

The upcoming stage is to launch a multi-chain governance system that is expected to transform the platform when paired with W token staking for governance.

Wormhole Crypto Price Prediction And Indicators Outlook

Even with the consolidation, the overall market outlook for Wormhole remains optimistic. As of press time, the price was $0.61650. This reflected a 2.04% intraday increase and exhibits a market value of $1.09 Billion. 

Wormhole may encounter possible obstacles shortly, which is at $0.65 or $0.70, and in the long run at $0.90 or $1.15. These levels indicate regions where selling pressure may increase, leading to possible temporary pauses or reversals in the price momentum.

On the other hand, short-term support could be identified at $0.55 or $0.50, while long-term support levels would be at round numbers such as $0.40 or $0.30.

The W crypto asset shows a consolidation of bullish momentum and an upward trend while it remains close to the key EMAs (20-day and 50-day).

Similarly, the Wormhole cryptocurrency indicates MACD above the zero line, indicating a gradual increase in bullish momentum. Additionally, the RSI is currently at 50.76 and is on track to surpass the 14-day Simple Moving Average from below, indicating further potential for growth in the W asset.

Developing Activity Shining In Wormhole

Moreover, the Wormhole shows healthy developer activity, as the developer’s activity contributor’s commit count also changes over the period. 

The developer’s activity and commit count have portrayed sustained growth over the last six months over W crypto, according to Santiment.

What Does Crypto Presales Mean?

Crypto presales are known as initial coin offerings, commonly abbreviated as ICOs. The presales represent the inaugural opportunity for retail investors to acquire tokens, enabling them to secure digital assets before listing on cryptocurrency exchanges.

During a presale, a select group of investors was granted the chance to purchase the tokens before they became available to the broader public space, which often comes at a significantly reduced price through the platform’s website. 

In particular, the primary objectives of a presale are to generate capital for project development and to build excitement and interest in the nascent venture. 

Following the exchange listing, the crypto token’s value may increase, giving investors the option to either sell immediately for a profit or retain the token in anticipation of further crypto price appreciation.

Additionally, the presales could be private or public, contingent upon the project’s structure. Specific forthcoming platforms necessitate investors’ pre-registration to participate in a crypto presale, while others are open to the general public.

Presale Investing Is A High-potential Investing Strategy, Here’s Why

Investing in crypto ICOs or presales can be a robust high-return strategy. During the presale phase, the crypto tokens are often available at a lower cost, sometimes accompanied by additional incentives. 

Crypto presales also offer the chance to acquire cryptocurrencies at a possible substantial discount. Therefore, identifying a worthy project requires carefully considering the associated high risks and potential rewards.

Correspondingly, thorough research and due diligence are imperative, as these investments entail considerable risks. Also, the post-ICO success of a project hinges on various elements, which include the team’s composition, the project’s vision and practicality, and prevailing market conditions.

Key considerations for presale investments include:

• Scrutinize the project’s whitepaper, the challenges it addresses, and its overarching goals.
• Investigate the project’s leadership to verify their history of dependability and achievement.
• Comprehend the token’s allocation, circulation, demand, and role within the project’s ecosystem.
• An enthusiastic and engaged community may indicate strong interest and ongoing support for the project.
• Confirm the project’s adherence to applicable legal standards to circumvent potential legal complications.

On the contrary, it is essential to acknowledge both the positive and negative aspects of ICOs. For example, the prospect of substantial returns and the possibility of loss are present. 

Therefore, not all projects reach fruition, and investors should commit only to what they can afford to lose and consider diversifying their investment portfolios.

Summary

Despite the calm crypto market, Wormhole has gained attention due to its unique traits and recent price changes. It is active on top blockchains like Ethereum, Arbitrum, and Solana, allowing easy transfer of W tokens without liquidity pools. They function smoothly as ERC-20 tokens on EVM chains and SPL tokens on Solana. 

This milestone marks progress in their W token launch plan, preparing for a multi-chain governance system. The price sits at $0.61650 with potential resistance at $0.65, $0.70, and support at $0.55, $0.50. 

W crypto shows bullish momentum close to key EMA levels, while the MACD and RSI indicate further growth potential. Developer activity remains strong, showing continual growth over the past six months.

Lastly, the crypto presales have a process that facilitates potential high returns to attract investors to ICOs by offering tokens at lower costs with additional incentives. However, risks are significant, and thorough research is necessary. 

In the same way, while presale investments can yield profits, there is also a risk of substantial losses. Investors should only invest what they can afford to lose and consider diversification. Likewise, monitoring both the positive and negative aspects of ICOs is crucial for informed decision-making.

Technical Levels

Support Levels: $0.40 or $0.30

Resistance Levels: $0.90 or $1.15

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.