Token price escalation by 22% is observed, following an upgrade in tokenomics which triggered an explosion in trading activities.
In a significant development for the cryptocurrency market, Wormhole, Momentum, and OKX have joined forces to enhance liquidity on the Sui network. This partnership could potentially propel Wormhole's price to new heights.
Currently, Wormhole's price is holding above $0.10, with a potential path to $0.13 and then $0.15 opening up if it manages to clear the $0.112 mark with sustained volume. This optimistic outlook is supported by positive readings on various momentum indicators, including the relative strength index, momentum, MACD, and Ultimate Oscillator.
However, it's important to note that if Wormhole's price fails to hold above $0.09, a rapid unwind could occur, potentially pushing the price back towards $0.07 as leveraged longs are liquidated. This scenario is a cause for caution, given that the commodity channel index for Wormhole's price is currently high, a historical indicator that precedes pullbacks after sharp runs.
Shorter supports for Wormhole's price can be found around $0.09 and $0.07, providing potential floors for any potential corrections. Encouragingly, the 10, 20, 30, and 50 EMAs for Wormhole's price are all sloping up and trading below the price, maintaining a bullish near-term trend.
The partnership with OKX and Momentum isn't the only positive development for Wormhole. The company Hyperliquid has increased Wormhole's token W liquidity on the Sui network by integrating Wormhole. This integration enhances interoperability and liquidity access for users and institutional actors, connecting Hyperliquid with more than 40 blockchain networks. This enables seamless asset transfers and boosts liquidity on the Sui network.
Recently, Wormhole's price has broken through a range, testing resistance near $0.11-$0.112. Whether this resistance will hold or be broken remains to be seen, but the current momentum suggests that Wormhole could be on a path to new highs.
As always, it's crucial for investors to conduct their own research and consider their risk tolerance when making investment decisions. The cryptocurrency market is volatile, and while the current outlook for Wormhole is positive, it's essential to stay informed and make decisions based on solid analysis.
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