#Wormhole token made its debut on April 3rd, 2024, on the Solana-based decentralized exchange (DEX) OpenBook at a price of $1.66, causing excitement in the crypto community.
However, after reaching a daily high of $1.800, the token experienced a 29% decline from its opening price on Thursday, dropping to $1.185.
This drop was attributed to an increase in phishing scams targeting the token's growing popularity.
Technical analysis reveals that the $W token is currently trading within a Falling Wedge pattern on the 15-minute chart.
The Supertrend indicator above the price indicates a bearish trend, with a red display suggesting selling pressure.
Market dominance seems to be in favor of sellers, as indicated by the Relative Strength Index indicator.
If resistance at $1.10 holds, downward momentum may continue, possibly testing psychological support at $1.00.
A breakthrough above $1.250 could indicate buyer dominance, triggering momentum to surpass resistance at $1.600 and potentially reach $2.00.
According to Coingabbar's analysis, The momentum's direction depends on breaking either side of the pattern.
KEY LEVELS :
RESISTANCE LEVEL : $1.5000-$2.0000
SUPPORT LEVEL : $1.000-$0.7000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgement, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
