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Cryptocurrency News Articles
Wormhole (W) Breaks Long-Term Resistance and Gains Momentum After Upbit Listing
Oct 02, 2024 at 10:00 pm
Currently ranking first among the top gainers in the middle of a wider drop in the crypto market, Wormhole (W) has shown exceptional performance. The W token is trading at about $0.371 at the time of writing, a notable 20.86% rise in just the past 24 hours.
Cryptocurrency Wormhole (W) has shown a remarkable performance amidst a broader downturn in the crypto market, currently ranking first among the top gainers.
The W token has seen a significant 20.86% surge in just the past 24 hours, with a trading price of about $0.371 at the time of writing. This exceptional performance can be largely attributed to the token’s recent debut on South Korea’s largest cryptocurrency exchange, Upbit.
The exchange provided fresh trading pairs for Wormhole in KRW, BTC, and USDT. This strategic listing has played a crucial role in boosting demand for the token, ultimately driving its value and attracting the attention of investors.
Wormhole Gains Momentum After Upbit Listing and Breaks Long-Term Resistance
The early morning Upbit listing had an immediate impact on the token's price, rapidly increasing trading activity and driving W to a day high of around $0.38.
Especially in light of a widespread downturn in other major cryptocurrencies, Wormhole's exceptional performance can be attributed to the market's enthusiastic reaction to the listing.
In the South Korean market, crypto trading is particularly strong, and the listing essentially makes the coin more accessible to a wider audience.
Before this surge, Wormhole (W) has seen a protracted period of declining prices, reaching an all-time low of $0.162 in August 2024. However, late September marked the conclusion of this downtrend with the token's breakout from a long-term declining resistance trend line.
The coin has gained significant increasing momentum since then, with its price surging over 125% from its August lows. This breakout, coupled with the excitement surrounding the Upbit listing, has greatly contributed to Wormhole's recent success.
Technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), further support the token's bullish momentum, both entering positive territory during this price rally.
These signals suggest that Wormhole's rally might continue, while other analysts indicate that the token could face resistance at the $0.55 level, limiting further gains in the short term.
In other news, CNF previously covered Wormhole's integration of Worldcoin's World ID into Solana, enhancing blockchain identity verification. This collaboration aims to benefit both the WLD and SOL markets by improving security and cross-chain interoperability.
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