Connect with us

Market

Wormhole Gets Upbit Listing as Price Surges 25%: What Next?

Published

on

Bic Altcoins Neutral.png


Wormhole (W) has seen a dramatic spike in trading volume, reaching $500 million following its debut on the major South Korean exchange Upbit. The listing came amid an unfavorable market condition that saw liquidated million in the last 24 hours.

Despite that, the development generated significant market excitement, driving a surge in Wormhole’s price. This analysis examines the impact of the listing and what traders can expect as Wormhole gains traction in the market.

Asia Support for Wormhole Drives Massive Volume

At press time, Wormhole’s price is  $0.37, representing a 25% increase in the last 24 hours. This surge was the result of Upbit’s decision to list the token, which is the native cryptocurrency of the multi-chain interoperability network.

According to Upbit’s announcement, W will be paired with the Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Before the disclosure, Wormhole’s volume was less than $100 million. However, as of this writing, it has hit $550 million.

Advertisement

This incredible rise in volume indicates the Asian region, particularly the South Korean market, bought W as soon as it was listed on Upbit. From a trading perspective, this surge, alongside the price increase, is a bullish sign.

Read more: Top 7 Projects on Solana With Massive Potential

Wormhole Volume
Wormhole Volume. Source: Santiment

Thus, if Wormhole’s price continues to climb and the volume does the same, then the price could trade much higher than $0.37. Besides that, on-chain data from Santiment revealed that the sentiment around the project has turned notably bullish.

The image below shows the surge using the weighted sentiment metric. This incredible rise implies a significant dominance of positive comments about W on several social media platforms. If sustained, W’s price could surpass $0.37, as initially stated.

Wormhole bullish sentiment
Wormhole Weighted Sentiment. Source: Santiment

W Price Prediction: Rally Not Done

Wormhole’s price touched an all-time low of $0.16 on August 5, four months after the April Wormhole airdrop. Weeks later, the altcoin reached $0.26, but again, Wormhole’s price decreased until September 18.

It was at this point that the W token broke out of the descending triangle. Over the last three weeks, W’s value has increased by over 90%. A look at the Chaikin Money Flow (CMF), which measures accumulation and distribution, shows an increase.

A decrease in the  CMF implies distribution and price might decrease. But since it is the other way around, it means that buying pressure outweighs whatever sellers are doing.

Advertisement

Read more: Which Are the Best Altcoins To Invest in October 2024?

Wormhole Daily Price Analysis
Wormhole Daily Price Analysis. Source: TradingView

Should this continue, Wormhole’s price could jump toward $0.45 and possibly $0.52 in the short term. On the other hand, the altcoin’s price might revert if distribution takes over. If that happens, W’s value could drop to $0.29.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Advertisement

Copyright © 2024 creamofcrypto.com