33% Jump and 992% Volume Boom, Can Wormhole Keep the Heat On?

• Wormhole has surged over 33%, currently trading at $0.098.
• Its daily trading volume has skyrocketed by more than 992%.

The crypto assets are swinging in red and green ropes, with most of them in the bearish zone. The largest assets like Bitcoin (BTC) and Ethereum (ETH) are hovering at $111.3K and $4.4K. With the overall neutral sentiment, among the altcoins, Wormhole (W) has surged solidly by over 33.7% in the last 24 hours. 

The asset opened the day trading at a bottom of $0.07389, and gradually, as the bullish pressure of W intensifies, the price has risen to a high of $0.1029. Notably, Wormhole has broken the crucial resistance range between $0.07394 and $0.1024 to confirm the positive turn in the market. 

At the time of writing, Wormhole traded within the $0.09850 mark, with its market cap at $454.85 million. Besides, the daily trading volume has skyrocketed by over 992%, reaching $395.75 million. The Coinglass data has reported that the market has observed a 24-hour liquidation of $752.34K worth of Wormhole. 

The seven-day price chart of W has registered a gain of over 23.51%. Wormhole’s weekly low was recorded at around $0.070, and later, the shift in momentum, with the potent bulls, triggered the price to move up and trade on the current level.

Will Wormhole’s Price Keep Climbing?

Wormhole’s Moving Average Convergence Divergence (MACD) line is staying above the signal line, which shows bullish momentum. Also, the price is moving upward. As both lines are positioned above the zero line, it confirms the overall strength. In addition, the Chaikin Money Flow (CMF) indicator positioned at 0.28 is moderately strong, implying a strong buying pressure and accumulation in the market, with the money flowing into the asset. 

As the bullish pressure is sturdy, Wormhole might rise and find its key resistance at the $0.09856 range. If the upside correction continues, it would initiate the golden cross to unfold and send the price up above $0.09862. Assuming the asset’s price takes a bearish turn, it could fall and test the $0.09844 support. An extended correction on the downside might invite a death cross to occur, driving the price to the next support level below $0.09838. 

The daily Relative Strength Index (RSI) is found at 72.92, indicating the asset is in the overbought zone. The price has risen quickly and may face a pullback or correction if the buying streak continues. Moreover, Wormhole’s Bull Bear Power (BBP) reading settled at 0.0354, signalling that the bulls are stronger, hinting at mild bullish sentiment rather than a strong uptrend.

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