W Price Struggling At The Bottom: Will It Rise or Sink Further?

• Wormhole ranks 38th in the cryptocurrency market in terms of volume.
• The Wormhole price has surged by 15% in less than 2 days.

After its launch, W price witnessed strong selling pressure and marked a bottom near the $0.500 mark. The bearish trend was interrupted near the $0.500 mark and bounced back. However, sellers were strong and dragged the price down to the major support level of $0.520.

The chart structure suggests buyers attempted again, and the price surged 34% in 2 weeks. W price has increased by 21% this week, it is heading towards the last swing high of $0.750.

At press time, the Wormhole price was trading at $0.703 with an intraday gain of 1.50%. The market capitalization is $1.26 Billion, and the 24-hour trading volume is $225.65 Million. The circulating supply is 1,800,000,000 W, and the total supply is 10,000,000,000 W.

Volume Increased by 150% in a Few Hours

Trading volume has surged by 150% in the past few hours. Due to the volume change, W token price is up 15%.

Over the last 30 days, the volume has remained constant, hampering Wormhole’s directional momentum. The positive change in the trading volume may lead to a breakout from the parallel channel.

W Crypto Price Struggles in a Parallel Channel; Breakout Soon?

On a daily time frame, the W token price has been struggling in a parallel channel for the past 2 months. Currently, the price has extended from support to resistance levels.

The breakout from the parallel channel may attract buyers. The rise in buying momentum could lift the price to the $1 mark. The price may halt near the $1 mark because it gained selling pressure last time after a pullback from this level.

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Suppose the Wormhole token price triggers a breakout from the $1 mark after the consolidation phase; the price may record a new all-time high in the next few weeks.

On the other hand, if the price faces resistance from $0.750 and forms a bearish candlestick, it may react negatively. The buyers who entered the bottom might prefer to book profit at the resistance level, which may lead to a bearish momentum.

Price vs. Social Media Engagement

The graph of social dominance demonstrates that interactions on social media like X, Instagram, and Telegram have remained constant for the last few months. However, the price has also persisted in the consolidation phase.

If the engagement on social media increases, then the W crypto price may gain bullish momentum.

Conclusion

The chart structure of the W crypto price has displayed a bearish momentum from its launch day. The price has been stuck in a parallel channel for the last 2 months, and the trading volume has increased by 150% in the past 24 hours. 

The breakout from the channel may lift the price to the $1 mark. Alternatively, a breakdown from the parallel channel can lead to a new all-time low.

W is expected to face resistance from the $0.750 and $1.00 marks. On the other hand, the price may take support on the $0.610 and $0.500 levels.

Disclaimer

This article is for informational purposes only and provides no 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.