- Summary:
- Wormhole price has strong fundamentals that justify an upbeat outlook, and its recent trend signals a potential breakout.
Wormhole price rose alongside the wider cryptocurrency market on Friday, gaining 0.6 percent at the time of writing to trade at $0.2067. The token has risen by 313 year-year-to-date, and is up by 2.9 percent on the weekly chart, pointing to an underlying bullishness. In addition, it has risen by 25 percent from its all-time-low position of $0.1643, where it was on August 5th.
Why you should consider Wormhole
WUSD swung between 0.1969-0.2192 in the last 24 hours, signaling low volatility. The volatility rate in the last 30 days is just 9 percent. Therefore, a large spike is unlikely, but the low volatility also offers stability. However, a 19 percent rise in trading volume during an uptrend over that period provides grounds to expect further upside.
Wormhole listed on centralised exchanges about six months ago, and is currently about 87 percent below its ATH of $1.67. In addition Wormhole price currently trades below the 20,50,100 and 200 Exponential Moving Average levels. Therefore, this could be an opportune time to enter the market.
Wormhole’s fundamentals look stable, and the network remains popular on platforms like Uniswap and Circle. It has processed over $40 billion worth of cross-chain transactions, underscoring its strong standing.
That said, the current sentiment surrounding the crypto market is largely linked to expectations around the Fed interest decision. Therefore, the trajectory taken by Wormhole price could end up being influenced by market-wide rather than asset-specific factors.
Wormhole price prediction
The momentum indicator on Wormhole price calls for further advances above the 0.2100 pivot mark. With the buyers in control, the first hurdle will likely be at 0.2130. However, if they clear that barrier, a stronger buying momentum could extend gains to test 0.2151.
On the other hand, the sellers will have control below 0.2100, with the first support likely to be at 0.2074. However, further bearish control at that point will breach the support and invalidate the upside narrative. In addition, it could extend losses to test 0.2050.
