Wormhole

Momentum

<ul class="list-ic vertical">
 <li><span>1</span> <a>Wormhole price displays low trading volume and depicts bearishness.</a></li>
 <li><span>2</span> <a>The token witnessed profit booking at the highs and is displaying retracement.</a></li>
</ul>
<p>The <strong>Wormhole (W) token price</strong> stayed in a narrow range and delivered <strong>price retracement</strong> in the past sessions.&nbsp;</p>
<p>Recently launched, the <strong>Wormhole token</strong> failed to attain follow-on buying momentum and witnessed <strong>profit booking</strong>. Still, the token failed to retain gains and revisited the midline region.</p>
<p>Following the market uncertainty, the W token price eroded over 45% of gains last month, revealing <strong>selling pressure</strong> on the charts.</p>
<p>At press time, the <strong>Wormhole crypto (W) price</strong> 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.</p>
<p>The pair of <strong>W/BTC</strong> 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 <strong>underperform</strong> ahead.</p>
<h2 class="wp-block-heading" id="strong-what-s-next-for-wormhole-amidst-selloff-strong"><strong>What’s Next For Wormhole Amidst Selloff?</strong></h2>
<p>The <strong>Wormhole token (</strong>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.</p> <iframe loading="lazy" title="Santiment Chart: Price (W), Volume (W)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=wormhole&amp;pt=W&amp;df=2023-11-10T18%3A29%3A59.209Z&amp;dt=2024-05-10T18%3A29%3A59.209Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%224h%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>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.</p>
<p>However, the price action showcased slight <strong>bearishness</strong> and has faced rejection from the 20-day EMA mark.</p>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-social-volume-outlook-strong"><strong>Price Volatility and Social Volume Outlook</strong></h3>
<p>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.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (W), Social Volume (W)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=wormhole&amp;pt=W&amp;df=2023-11-10T18%3A29%3A59.209Z&amp;dt=2024-05-10T18%3A29%3A59.209Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2368DBF4&amp;ws=%3B%7B%22interval%22%3A%224h%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>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 <a href="https://www.thecoinrepublic.com/2023/02/13/wormhole-hacker-reactivates-moves-46-million-stolen-funds/" target="_blank" rel="noopener noreferrer nofollow">Wormhole token</a>.</p>
<h3 class="wp-block-heading" id="strong-development-activity-and-whales-activity-insights-strong"><strong>Development Activity and Whales Activity Insights</strong></h3>
<p>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.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (W), Percent of Stablecoin Total Supply held by Whales with more than 5 million USD" width="1170" height="425" src="https://embed.santiment.net/chart?ps=wormhole&amp;pt=W&amp;df=2023-11-10T18%3A29%3A59.209Z&amp;dt=2024-05-10T18%3A29%3A59.209Z&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Bpercent_of_whale_stablecoin_total_supply&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FF5B5B&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>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</p>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>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.</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>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.&nbsp;</p>

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

Table of Contents

Thecoinrepublic.com

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