Ethereum blockchain’s #Wormhole token has experienced a notable bullish reversal in its chart in the last day, signaling mixed sentiment in the crypto community.
Since its launch, the #Wormhole ($W) token has garnered considerable attention but has also seen significant price fluctuations.
Despite initial excitement, the token struggled to maintain momentum, facing consistent bearish pressure and resulting in a 65% loss since its inception.
However, recent movements show promise, with the price rising approximately 21% in the past day and 12.50% over the week, indicating a potential bullish turnaround.
The breach of a triangle pattern on the 4-hour chart yesterday suggests upward momentum.
If bullish sentiment persists, the $W token could target a resistance level of $0.850 in the upcoming weekend, with potential to test its high of $1.300 if that level holds.
According to Coingabbar's analysis, Conversely, a resurgence of bearish activity could see the price retreat towards its support level of $0.530 in the coming week.
KEY LEVELS :
RESISTANCE LEVEL : $0.7500-$0.9000
SUPPORT LEVEL : $0.5300-$0.3000
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.
