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NEAR Protocol
- The Wormhole crypto price has declined by 11% in just the last 24 hours.
- The W crypto has less than 18% of its maximum supply in circulation in the crypto market.
Wormhole is a cross–chain protocol enabling secure and efficient data and token transfers between blockchain networks.
Developed by Jump Crypto and launched in 2021, it supports over 30 blockchains and 200 applications. Wormhole enhances interoperability for dApps with tools like Wormhole ZK for security and Wormhole Queries for data access.
Wormhole crypto has an outstanding market presence and a market cap dominance of 0.04%. The liquidity of the crypto is also high at 22.35% of its market cap.
The value of the traded volume for the crypto has also advanced by 37% in the last 24 hours. It further resulted in a traded value of $166.618M.
With the advance in the trading volume, the crypto’s market cap has declined by 11% in the last 24 hours, which is concerning for the crypto. It shows that investors and traders are booking profits in the crypto.
The price volatility of the Wormhole crypto is high at 7.45%, showing the probability of uncertain spikes in the crypto price. The fear and greed index is at 74, indicating greed among investors.
Wormhole is the 74th largest cryptocurrency in the global cryptocurrency market, with a market cap value of $1.002B.
What Do Derivatives Indicate About Wormhole Crypto?
The liquidation chart of Wormhole shows a dominance of sellers in the crypto over the last few weeks.
On the 8th of June, Wormhole crypto witnessed a huge long liquidation of $1.42M, and in the last 24 hours, a long liquidation of $1.41M is recorded as per Coinglass. Against this, the recorded short liquidation for the crypto is worth $29.17K.
The following data shows bears’ dominance and strong profit booking in the crypto over a long time.
The derivatives volume for Wormhole further advanced by 31% in the last 24 hours from the press time, while the open interest has declined by 8.9%. It shows that traders are closing their positions in the crypto derivatives.
W Crypto Technical Analysis
The trading price of the W crypto has broken below an expanding wedge pattern on the 4H timeframe chart.
During the end of May 2024, the W crypto price formed swing lows and started to surge, leading to an advance of 43% in the trading price of the crypto in 20 days.
That rise in the crypto price led to the formation of an expanding wedge pattern. The price of the W crypto further broke down below the wedge pattern with strong momentum on the 10th of June 2024.
W/USD Chart by TradingView
The price of the W crypto has declined below the 50-day and the 200-day EMAs on the daily chart. At press time, the EMAs are trading in a golden crossover but have been declining towards lower levels in recent times.
The MACD is giving a strong sell signal on the daily chart as the MACD and the signal line are trading in a death cross and have declined to the negative territory.
The RSI value has declined below the 14-day SMA and has declined to the level of 34.2, showing weakness in the momentum of the W crypto.
Summary
Wormhole crypto has dropped 11% in 24 hours, with only 18% of its supply circulating. Despite high liquidity, market cap, and trading volume increases, bearish signals dominate.
High volatility, profit booking, and significant long liquidations indicate ongoing selling pressure. Technical indicators suggest continued weakness and potential further declines.
The support levels for the W crypto are $0.4560 and $0.5230, followed by the resistance of $0.630 and $0.760.
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.
