Wormhole (W) Secures a Sizeable Gain

The Wormhole token has recorded a price gain of 4.71%, yet it has appeared as the second most profitable coin of the day. While modest, this is still commendable given the previously prevailing sentiment in the crypto market. The token’s price action now shows a promising base that may stimulate further increases.

W Market Statistics

Current Price: $0.1111

Market Capitalization: $518.09M

Circulating Supply: 4.68B

Total Supply: 10B

CoinMarketCap Rank: 120

Key Price Levels

Resistance: $0.1200, $0.1400, $0.1600

Support: $0.1100, $0.1000, $0.0900

W Looks Tipped for More Upside Movement

Price activity on Wormhole’s daily chart has risen above the 9-day Exponential Moving Average (EMA) curve. The corresponding candle for the ongoing session looks huge and suggests that buyers are gaining more confidence given its size.

Meanwhile, the Stochastic Relative Strength Index (SRSI) lines have delivered an upside crossover in the oversold region and are now trending upward. The movement of the SRSI lines is not exaggerated; rather, it appears steady, suggesting the market may solidly proceed toward higher levels.

Wormhole Bulls Appear to Have a Strong Footing

The last price candle on the W token’s 4-hour chart is green. In fact, the market has been mostly bullish over the past three sessions. However, the ongoing session is represented by a bald price candle, suggesting less tension in the market.

Price action also remains above the 9-day EMA curve and continues edging higher. Meanwhile, the SRSI lines are already in the overbought region. Although the lead line seems deflected, a bearish crossover still stands at a notable distance. Consequently, this market has the potential to keep rising toward the psychological resistance level at $0.1200.

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