Wormhole crypto price prediction: Can W hold $0.02 after its sharp pullback?

Wormhole [W] surpassed the $0.03 level for a brief period on October 12, but much of that had now been slashed. It was found lurking near the $0.02164 at the time of this writing, on its daily chart. This was roughly 32% lower after hitting its intraday high during the just-closed session.

That retreat puts the $0.02 area in focus for the short-term outlook. W still trades above its recent trading range, but its failure to hold higher prices leaves the recovery vulnerable.

W crossed $0.03, but could not stay there

The session’s high reached $0.03175, leaving a long upper wick on the daily candle. What this showed was that W reached that price but traded substantially lower afterward. The candle remained open when the chart was captured.

Trading activity also increased sharply, with the chart recording about 374.8 million W in volume.

Heavy activity alone does not confirm that buyers will regain control. Here, the retreat from the high shows that the surge above the $0.03 level had not held.

In any case, W remained above its major moving averages, which trace average prices over periods. The latest recovery became still visible despite the sharp pullback.

Holding $0.02 comes before another push higher

The nearest watch point is from the $0.0200-$0.0205 price levels after getting near the session low. Holding to it might see W stabilize after the move.

The first sign of recovery to show improvement would be moving back to about $0.0233, and past this level, the $0.0300-$0.03175 price range still stands as the larger hurdle after the failed intraday push.

If W drops below $0.02 and fails to move up to that level again, more attention will move towards the $0.0170-$0.0185 price levels, which was where recent candles were traded before breaking out from them, or else a deeper drop brings an area of the $0.0155-$0.0158 in view.

Futures activity adds another risk

A snapshot taken at the time of this writing showed about $104.26 million worth of unsettled W contracts still floating, according to CoinGlass

The figure does not show whether bullish or bearish traders dominate.

It needs to stay close to support for it to be more believable for the moment than just trading activity.

Final Summary

• W’s retreat from $0.03175 makes the $0.02 area the immediate level to watch.
• If $0.0233 can be regained, it would bring about a change in outlook; otherwise, it would leave the door open to $0.0170 and $0.0185.