- A good surge in the trading volume of the Wormhole crypto has been seen over the last 24 hours.
- W crypto is trading 40% above its all-time low price.
Wormhole is a cross-chain protocol developed by Jump Crypto, a division of Jump Trading Group, facilitating secure data and token transfers between blockchain networks.
Initially bridging Ethereum and Solana, Wormhole evolved into V2, supporting over 30 networks and 200 applications. It fosters interoperability, enabling seamless cross-chain dApp operation.
Wormhole Crypto has maintained excellent engagement with traders over the last few days. A consistent rise in the trading volume of the crypto can witness this.
The CoinMarketCap shows an advance of 43% in the trading volume of the crypto over the last 24 hours as of press time. The market cap of the Wormhole has also witnessed a slight advance of 2.9%.
Crypto has very high liquidity, and crypto’s volume/market cap ratio is 23.91%. Even Bitcoin has a liquidity of 4% based on its market cap.
The market cap ranking of the crypto further was 68th as per CoinMarketCap, which resulted in a market cap dominance of 0.05%. It showed that crypto has a good presence in the global crypto market.
The Wormhole crypto’s fear and greed index indicator was at 43, indicating investors’ fear. This is a concerning factor for short-term investors as the technicals suggest a possibility of price decline.
Wormhole Witnessed Rise In Open Interest, What’s Cooking Inside?
The liquidation chart of the Wormhole crypto shows uncertainty among the dominance of bulls and bears. This is because there has been a close equal amount of liquidation on both sides for a long time.
Even in the last 24 hours from press time, the long liquidation recorded for the crypto is worth $884.42K, whereas the short liquidation is worth $897.59K.
The derivatives volume of the crypto further advanced by 20.8% over the last 24 hours, followed by the open interest, which also advanced by 17.2%. This shows a good amount of trading activity in the crypto.
Despite the excellent engagement of traders, the data shows a strong struggle between the buyers and sellers. Thus, anyone needs to dominate for a clear trend in the crypto price.
Further clarity on the crypto trend can be gained by looking at the technical charts, which might help with the levels.
W Crypto Charts Are Supporting Bears, Will They Lead The Price?
The W crypto price is trading inside a rising wedge pattern, and the price is forming shallow swing highs on the 4H chart. This shows that the buyers cannot dominate the price but are trying very hard.
Despite this, sellers can easily drag the price to the lower band of the wedge pattern every time the swing high is taken out.
For a better confluence, investors must wait for the W crypto price to break out in either direction of the rising wedge. The following breakout further can lead to the continuation in a particular direction.
W/USD Chart by TradingView
The price of the W crypto can be seen taking support at the 20 and the 50-day EMA, which are trading in a bullish crossover.
The Bollinger Band is further contracted on the chart, which results in a lower width of the bands. It shows the potential of a breakout in the price in the future.
The MACD indicator also supports a buying momentum as the MACD and the signal line are trading in positive territory, followed by a bullish cross.
The RSI value is sustaining above the 50-level and has broken above the 14-day SMA. This shows the rise in the momentum of the W crypto price.
Summary
Wormhole exhibits a bullish pattern with surging trading volume and high liquidity, trading 40% above its all-time low.
Despite fear among investors indicated by the fear and greed index, the crypto’s engagement remains strong. Rising open interest and derivatives volume suggest active trading, while technical charts hint at potential bullish momentum.
Technical Levels:
- Support levels: $0.4550 and $0.5320
- Resistance levels: $0.7130 and $0.7970
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.