- The W crypto price has dropped 9.30% during the weekly trading session.
- Technical indicators summary suggests a neutral perspective on the current price.
- 24-hour trading volume has reached $47.10 Million, with a decline of 3.12%.
Wormhole (W) is a leading interoperability platform that provides developers access to liquidity and users on more than 30 blockchain networks. The platform is trusted and used by some popular exchanges like Circle and Uniswap.
Conversely, the W token price has been experiencing bearish remarks for two consecutive weeks. The positive rise can be seen in the crypto at the end of April 2024, but that’s not enough to sustain the price in a bullish trend.
What Possibilities Wormhole Crypto Holds in Current Sessions?
The buyers approached the W crypto price in mid-April 2024 after witnessing strong bearish sentiments. They failed to make congestion on the $0.6179 key level, although the price reflected an 85% upsurge. That shows investors’ lack of interest during that period, increasing bearish sentiments.
At present, the Wormhole price hovers above the $0.5300 major demand zone, which can prevent the crypto price from falling. While comparing the data from the last seven days, we see that crypto is underperforming the global cryptocurrency market and the Ethereum ecosystem cryptocurrencies.
Price Volatility & Social Dominance Analysis
The social buzz about the Wormhole crypto has risen in mid-April 2024. The social dominance surged above 0.8% on social media platforms across the world. However, the uprise in social sentiments has reflected less impact on price growth, unlike other cryptocurrencies.
These statistics show that social sentiments had the very least impact on investors and traders at that phase.
Technical Analysis of the Wormhole (W/USD) Crypto
![Wormhole](https://themarketperiodical.com/wp-content/uploads/2024/05/image-295-1024x472-1.webp)
The long term outlook implies below the key exponential moving averages (EMAs) on the bearish side. Currently, the price is moving below the 50-day and 200-day EMAs, indicating a downtrend.
The W price faced strong resistance from the $0.8477 level after experiencing bullish upsurges from the $0.4564 support level. The current price is hovering above the $0.5300 demand zone. At press time, the sellers seem to be weakening,
which could be a positive sign for a potential reversal in price. However, the bearish domination is not over yet, it just becomes slow.
The relative strength index (RSI) is showing bullish momentum in the current price strength. The RSI is upsloping at 46.41 on the verge of a golden crossover with the SMA line.
Summary
Wormhole crypto price has been experiencing bearish remarks. Recently, the price fell on the $0.5300 major demand zone, which is currently preventing the price from falling. In recent sessions, the sideways candle formation structure can be seen.
It reflects the weakening strength of sellers in the current phase. That could be a sign of a bullish reversal per the price action technicals.
Technical Levels
When writing, the immediate resistance for the W price was $0.7197, while the $0.4564 level was the next support. A price rise can be expected if the price exceeds the upper resistance. Similarly, a drop below the aforementioned support level can lead to the price falling further.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.