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Wormhole (W) Shows Retracement: Can It Retain $1 Mark Ahead?

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The Wormhole (W) token price stayed in a narrow range and delivered price retracement in the past sessions. 

Recently launched, the Wormhole token failed to attain follow-on buying momentum and witnessed profit booking. Still, the token failed to retain gains and revisited the midline region.

Following the market uncertainty, the W token price eroded over 45% of gains last month, revealing selling pressure on the charts.

At press time, the Wormhole crypto (W) price traded at $0.5873 with an intraday drop of 8.30%, reflecting neutrality on the charts. It has a monthly return ratio of -30.29% and 1070.89% yearly, directing a neutral trend.

The pair of W/BTC is at 0.00000967 BTC, and the market cap is $1.06 Billion. Analysts are neutral and suggest that the Wormhole price may retest the downside region mark of $0.400 soon and continue to underperform ahead.

What’s Next For Wormhole Amidst Selloff?

The Wormhole token (W) delivered follow-on selling pressure and persisted in dropping gains, displaying neutral price action. A break and close above the $0.700 mark may revert the trend ahead.

Source: Santiment

For the past weeks, price retracement with low trading volume was witnessed. The intraday trading volume remained flat, noting a drop of 3.27% to $104.56 Million.

However, the price action showcased slight bearishness and has faced rejection from the 20-day EMA mark.

The Momentum Indicator (Relative Strength Index) relates to negative data, and the curve stays in the oversold region, replicating a negative crossover on the charts.

Price Volatility and Social Volume Outlook

For weeks, the price volatility remained lower, delivering low selling pressure. This week, the volatility curve spiked over 3.28% and reached 0.018, signifying an increment in selloff.

Source: Santiment

However, the social volume signifies a surge in popularity, and the value spiked over 30% to the 27 mark, displaying investor interest on the social platforms for the Wormhole token.

Development Activity and Whales Activity Insights

Followed by the price retracement, the development activity showed minor slipages, which reflected the decrement in investor interest. The value dropped over 3.26% to 16.81, delivering a neutral outlook.

Source: Santiment

However, the percent of stablecoin total supply held by the whales data showed a consistent up move and noted a surge of over 1.29% to 55.89

The immediate support levels for the Wormhole crypto (W) are $0.4500 and $0.4300, whereas the key upside hurdle is around $0.6200, followed by $0.6500.

Conclusion

The Wormhole token (W) price might breach the range and deliver further selloff in the next sessions. Investors are eyeing the upside mark of $0.700 and the downside mark of $0.500, and indecisiveness was noted.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

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