- 1 The analyst believes that based on price action, the W could rise higher despite the current downtrend.
- 2 Derivatives data signals bearishness in the price with low short liquidation, indicating weakness in bulls.
Wormhole price illustrated bullishness, with a surge of around 2.06% this week from the support of $0.3185. At press time, the Wormhole (W) price has trading at $0.35, and its market value was $639.28 Million. in terms of market cap, the Wormhole (W) ranked 98th out of the top 100 cryptos on Coinmarketcap.
According to Tradingview, the price had plummeted to its ATL at $0.3185 in June 24th, 2024, at the CRYPTO exchange and has been traded 10% above. Meanwhile, its ATH was $1.80, which it reached on April 3rd, 2024; from that high, it was almost 81% down.
As per Coinmarketcap, W’s volume-to-market cap ratio stood at 10.22%. That highlights comparatively low to moderate liquidity. At press time, W had a market cap dominance of 0.03%, and there was a 12.20% rise in Wormhole’s trading volume over the last 24 hours.
Wormhole’s (W) Derivatives Data Evaluation!
According to Coinglass, the open interest surged 2.44% in the open contracts of the W crypto. Similarly, in the past 24 hours, W recorded a strong surge of over 43.74% in the trading volume of the derivatives.
W Derivatives Data Analysis | Source: Coinglass.com
Furthermore, in the derivatives, W’s liquidation chart shows higher long liquidation and lesser short liquidation; it has illustrated, at the time of writing, that the price bears have more control. In the last 24 hours, more amount of longs worth $300.31K was liquidated, whereas longs worth $49.04K were liquidated.
Overall, the derivatives data shows more bearishness in the price, and short liquidation has been lower, which signifies bulls’ weakness.
Analysts on Wormhole (W) Price
Daan Crypto shared a drawing in a Twitter post, where he stated that it could go for a decent rise for the higher levels after a breakout.
$W One of those new coins that launched too high and has been down only since.
— Daan Crypto Trades (@DaanCrypto) July 3, 2024
These past few days it's been trying to change the low timeframe trend around and I think it can go for a decent squeeze higher upon a breakout.
Still not a fan of this long term but will trade. pic.twitter.com/h960S2wZNj
He further stated that W crypto has been one of those few coins that was launched at a high price, and has been down since then. Despite this pessimism over the chart, the Daan Crypto believes in a rise in price is imminent.
What Does Wormhole (W) Price Highlights?
At press time, W has was trading at the lowest levels. Since the April 3rd, 2024 peak price of $1.80, the price deteriorated and formed a support at $0.5312 by Mid-April 2024.
Thereon, the price continued to trade in a consolidation range from mid-April to mid-June for almost two months, from where bearish pressure increased as the price fell deeper to the $0.3185 mark.
In the last couple of sessions, it has shown some bulls presence. If the price rises, it could reach up to the $0.5313 resistance. On the contrary, if the bearishness continues, the price could plummet further.
Indicators for the crypto showed mixed signals, with the 50-day EMA pushing W below and RSI recovering from oversold at 38.06, while the MACD showed a bullish cross in negative territory below the zero line.
Summary
Wormhole (W) price recorded a 2.06% increase this week, trading at $0.35 with a market value of $639.28 Million, and ranked 98th on coinmarketcap.
Analyst Daan Crypto believes Wormhole (W) price could rise to higher levels upon breakout despite the initial high launch price and current downtrend.
Price has been trading at the lowest levels with support at $0.5312, showing some bullish signs recently. RSI highlights a recovery while the MACD showed a bullish cross.
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.
