Forecasting Wormhole value - Evaluating potential losses for investors trading in W

In the cryptocurrency market, the weekly structure for Wormhole (W) has taken a bearish turn. This shift is reflected in various technical indicators, such as the Awesome Oscillator, which underlines weakly bearish momentum, and the Stochastic RSI, which suggests another move lower for Wormhole.

The consolidation in recent weeks might not be an encouraging factor due to the bearish weekly structure. The mid-range resistance at $0.085 has rebuffed the bullish advance, while the Stochastic RSI is rising towards the overbought zone, further strengthening the bearish outlook.

Despite a brief rally to the range highs a couple of days ago, supported by a bullish order block at $0.08, Wormhole has since experienced a 23.6% fall in under 24 hours. This decline came after the token's price reached a high of $0.1058 over the last 48 hours.

The weakness in Bitcoin (BTC) has also impacted Wormhole bulls, as the drop below $110k led to Wormhole losing a significant portion of its recent gains. On the brighter side, the Chaikin Money Flow (CMF) for Wormhole currently stands at -0.23, indicating some buying pressure.

On the 2-hour chart, Wormhole is fast approaching a key support zone, highlighted in cyan. It's worth noting that no new weekly swing points or swing low for Wormhole were mentioned in the current analysis.

The Awesome Oscillator on the 2-hour chart flashes signs of weakening bullish pressure, which could potentially lead to further price declines. However, the CMF appears to suggest selling pressure is rampant, which could lead to a quick rebound if buyers step in.

This analysis was conducted on the Wormhole/USDT pair on TradingView, with the author being Markus Bäuchle. Wormhole has formed a range between $0.071 and $0.098 on the daily chart, and it will be interesting to see how this range plays out in the coming days.

Forecasting Wormhole value - Evaluating potential losses for investors trading in W