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- 1 Wormhole (W) price trades in a range and might lose gains ahead.
- 2 Trading activity showcasing indecisiveness between the bull and bear army.
The Wormhole (W) token price remained in a narrow range and has been directed at low investor interest over the past few weeks. The token has dragged below its key moving averages and might lose gains ahead.
If the bearish wave continues, the token might trigger a breakdown and will soon retest the downside region of $0.400. Recently, the token has faced rejection from the 20-day EMA mark, and follow on selling pressure was noted.
At press time, the Wormhole token (W) price traded at $0.541 with an intraday drop of 2.10%, reflecting neutrality on the charts. It has a monthly return ratio of -17.90% and 984.89% yearly, which implies a short-term downtrend.
The pair of W/BTC is at 0.00000822 BTC, and the market cap is $974.27 Million. Analysts are bearish and suggest that the Wormhole token price may continue to lose gains and might retest the demand zone of $0.400 soon.
Wormhole (W) Remained in Range: Can It Retain Strength?
For the past sessions, the Wormhole (W) token price continued to erode gains and lost over 40% of gains last month.
Meanwhile, the token trades near its support region of $0.500, where a significant bounce was anticipated. A break and close above the $0.650 mark can lead to a sharp rebound, and the token will bring momentum ahead.
Source: Santiment
On an analysis over 17 indicators, 8 indicators gave a sell signal, whereas 6 reflected the neutral sign, and only 3 indicators guided the buy call.
Additionally, the uncertain price action and decline in interest guide the investor’s fear. The trading volume remained flat, with a surge of over 12.89% to $110.78 million.
The Momentum Indicator (RSI) curve remained in the oversold region and directed a negative divergence on the charts.
Development Activity and Social Dominance Data Outlook
Amid the lack of significant price movement, the development activity keeps on rising and is hinting at future developments, which might lead to a price increase soon. The value spiked over 56% to 5.31 this week.
Source: Santiment
Meanwhile, the social dominance activity remained lower and is representing the decline in the investor discussion on the social platforms. The value dropped over 32% to 0.547% this week.
Futures Data Highlights Long Unwinding
The Futures data articulates the follow-on unwinding of the long positions, which led to the price decline in the past weeks.
Source: coinglass
The open interest data noted a decline of over 8.21% to $52.39 Million in the past 24 hrs, representing the dilemma among the investors.
The immediate support levels for the Wormhole (W) token are $0.500 and $0.430, whereas the key upside hurdle is around $0.620, followed by $0.700.
Conclusion
The Wormhole (W) token implies a negative outlook and might showcase a breakdown soon. Amidst the market correction, the token flipped the gains from the higher trajectory and retested the mid-Bollinger Band support zone.
Disclaimer
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.