Wormhole Token Price Prediction: WHM Bulls Attempt to End Four-day Losing Streak

Wormhole token price rose on Thursday, snapping a four-day losing streak by edging up 2.9 percent to trade at $0.2224.

Wormhole (WORM) price rose on Thursday, breaking a four-day losing streak and trading at $0.2224, up 2.9 percent. The crypto asset has had a rough go of it in recent weeks, falling approximately -15.6 percent over the past month and approximately -80.6 percent since the beginning of the year as of this writing. The latest rally came with the news that Renzo Protocol has deployed its REZ token on Solana and leverages Wormhole's framework.

The cross-chain protocol struggled to attract users despite its initial appeal at launch. Wormhole was built as a platform for seamless cross-chain token transfers and faces increasing competition as more tokens are developed with built-in cross-chain interoperability. However, the amount of Wormhole tokens used in transactions fluctuated, creating pressure on the demand side.

As a result, WUSD could not reach its full potential at a time when thousands of tokens were minted on platforms such as Pump.fun and SunPump. Both platforms have helped push Tron and Solana prices higher recently. Therefore, Wormhole must develop new use cases to evaluate widespread fragmented liquidity. However, the protocol currently supports more than 30 blockchains, providing strong muscle for a potential surge in the coming weeks and months.

Wormhole token price charts

Wormhole token momentum shows that the upward movement has lost momentum recently, as seen on the 2-hour chart. The price is currently below its Volume Weighted Moving Average (VWMA), indicating sellers' control. This is also supported by the RSI reading of 44, which points downwards. However, a stay above the psychological $0.2200 level could provide support for an upside reversal.

Wormhole price support and resistance levels

On the other hand, the 30-minute chart supports upward movement above the 0.2240 pivot point. With buyers in control, initial resistance may lie at 0.2270. However, if the upward momentum strengthens, it can cross this barrier and test 0.2300.

On the other hand, if the resistance holds at 0.2240, it will be in favor of the sellers taking control and the first support will probably be at 0.2200. However, an extended bearish decline could break below this support, invalidating the bullish narrative and sending Wormhole price lower to test 0.2170.

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