Wormhole (W) Market Needs More Push

The market continues to linger around key technical levels. Meanwhile, the coin currently holds the second spot on today’s list of most profitable cryptocurrencies. The token has recorded a price increase of 6.26%. Nevertheless, this market appears to still lack sufficient conviction.

Wormhole Statistics

Current Price: $0.0636

Market Capitalization: $300.92M

Circulating Supply: 4.64B

Total Supply: 10B

CoinMarketCap Rank: 146

Key Price Levels

Resistance: $0.0800, $0.1000, $0.1200

Support: $0.0600, $0.0400, $0.0200

W Price Increase Faces a Notable Challenge

While the Wormhole token has gained 6.26% as of the time of writing, it can also be observed that price action has experienced a pullback during the ongoing session. The last price candle on the chart poked through the resistance formed by the 9-day Exponential Moving Average (EMA) line.

However, headwinds have impacted the recent gains and pushed the market back toward the 9-day EMA line. Nevertheless, as of the time of writing, trading in this market remains above the 9-day EMA curve. Simultaneously, the MACD indicator lines continue to exhibit an upward trajectory following a recent bullish crossover.

The Wormhole Market Seems to Hold Short-Term Promise

Although downward forces seem to be present on the Wormhole 4-hour chart, price action remains well above the 9-day EMA. It can also be seen that the price has pushed significantly through the 9-day EMA curve.

The most recent price candle still appears green. Though relatively small, its position above the 9-day EMA suggests that the market may continue upward. Similarly, the MACD lines are seen rising above the equilibrium level. Technically, the market appears poised to move slightly higher toward the $0.0700 price level.

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