- Wormhole jumped by over 15%, currently hovering at $0.093.
- Its daily trading volume has surged by more than 238%.
The crypto market is anticipating potential bullish rebound with the recent spike. The tokens are swinging between green and red zones, with Bitcoin (BTC) hovering at $116.9K, while Ethereum (ETH) jumps to $4.1K. Within the altcoin pack, Wormhole (W), has posted a solid surge of over 15.46% in the last 24 hours.
Zooming in on the weekly price chart, the token has recorded a gain of more than 27%. Wormhole began trading the week at a low of $0.070, and with the bullish shift, the weekly high was marked at around $0.097. At press time, Wormhole trades at $0.09365, with its daily trading volume exploded by over 238%, reaching $128 million.
In the early hours, the asset traded at a bottom level of $0.08051. As the bulls took command of W, the price has ascended to a high range of $0.09828. To confirm the upturn, Wormhole has tested and broken the crucial resistance zones between $0.08055 and $0.09823.
Wormhole’s Uptrend: Staying Strong or Fading Away?
The recent trading pattern of Wormhole has the potential to surpass the initial resistance at around $0.09371. With the sturdy upside correction, the golden cross is expected to emerge and the price to climb toward the $0.09377 range. Conversely, assuming the Wormhole price fails to hold the momentum, it could slip and test the $0.09359 support. The potential correction on the downside might trigger the formation of a death cross, driving the price to the subsequent support at $0.09353.
Moreover, the token’s technical chart shows the Moving Average Convergence Divergence (MACD) line crosses above the signal line is generally seen as a bullish signal. This crossover indicates that the momentum is picking up the potential uptrend. Wormhole’s Chaikin Money Flow (CMF) indicator value of 0.13 suggests a moderate buying pressure in the market. Also, the money is flowing into the asset rather than out, hinting at the accumulation and bullish sentiment.
Wormhole’s daily Relative Strength Index (RSI) is currently settled at 75.81, and it likely implies its overbought phase. Notably, the price may be due for a pullback or a short-term correction. Furthermore, the asset’s Bull Bear Power (BBP) reading found at 0.0135 is positive, signalling that the bulls are currently dominant over the bears. But the bullish advantage is weak, and that could easily shift if selling pressure increases in the market.
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