Vijesti Analize Cross-chain Star Wormhole is Soaring

Cross-chain Star Wormhole is Soaring

April 24, 2024 Analize
BITmarkets | Cross-chain Star Wormhole is Soaring

Wormhole, a fresh cross-chain protocols has made headlines this week as it soared over 1,000% since being launched on April 3rd. Is its W token set for more wins?

Daily time frame analysis

W1D

WUSDT - 1 Day Time Frame

W has not yet exhibited sufficient price action to analyze, as it is a newly launched coin. However, it is exhibiting typical launch price patterns seen in most new coins. These patterns usually extend over a longer period, allowing investors ample opportunity to accumulate.

4 hour time frame insights

W4H

WUSDT - 4 HourTime Frame

On the 4-hour chart, the observable, predominantly red bands (12/21 EMA) indicated a pause in the downtrend when the bands turned green. However, the EMAs have turned red again, and the price is approaching a marked blue area that suggests strong demand and potential support—offering attractive entry points.

It is common for these bands to fluctuate between green and red several times during launch patterns. Interested parties should wait for more developed price action before engaging in trading the new coin.

The most secure and advisable entry point in such market conditions is during a widening mouth pattern, also known as the Jesse Livermore accumulation phase. From an investment perspective, the best strategy is to enter at the market's bottom.

The bottom for W has not yet been established, and whether the marked blue area will represent the bottom depends on overall crypto market conditions. Even if it is not the ultimate bottom, it still offers solid entry points.

Why is Wormhole bullish?

Wormhole serves as an open-source development platform that connects the decentralized web, enhancing the practicality of the crypto world. As adoption in the crypto realm increases, there is a need to make it more user-friendly and practical, roles that Wormhole fulfills.

Despite not being a major narrative this year, Wormhole should not be overlooked. As the crypto market evolves, the focus will shift from memecoins to more substantive technologies after the bull market, directing funds towards platforms that offer significant technological value.

This underlines why Wormhole should be considered a critical asset, and it may also be why the current prices of W might not be seen again.

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