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Wormhole (W) Price Prediction – When will Wormhole hit $5?

Wormhole (W) Price Prediction – When will Wormhole hit $5

Recently, an airdrop campaign was launched by Wormhole, a protocol that enables asset transfers between blockchains via cross-chain communication. The campaign was in support of the newly issued governance token, W. In addition to receiving 617 million W tokens as rewards, early consumers were granted access to a comprehensive roadmap that outlined the future endeavours of the protocol.

The roadmap, which was disclosed by the protocol, delineates the goal of W to progress into a multi-chain native token, capitalising on the advantages offered by both the Solana and Ethereum Virtual Machine (EVM) chains. W, which was initially introduced as a native SPL token on Solana, is positioned to take advantage of the performance benefits that Solana provides, including increased scalability, reduced transaction costs, and expedited settlement times.

After making its initial appearance on Solana, W is slated to extend its reach to all EVM chains connected to Wormhole via Wormhole Native Token Transfers (NTT). This novel framework guarantees uninterrupted growth throughout Solana, the Ethereum mainnet, and Layer 2 (L2s) without causing liquidity fragmentation. The open-source NTT framework provides projects with the ability to regulate the behavior of tokens across various blockchains. It supports custom features, token standards, metadata, and ownership/upgradability.

If you are keen to know whether this token would be worth taking in your portfolio or not, follow the current market analysis.

Cross-Chain Framework of Wormhole

Wormhole implements a resilient governance framework that empowers token holders on supported chains to put forth, vote on, and implement governance initiatives. By promoting inclusivity, this approach facilitates extensive engagement in the Decentralised Autonomous Organisation (DAO), guaranteeing a seamless experience for token holders who are utilising different protocols.

On the Solana and EVM chains, token holders are able to secure and delegate their W tokens, thereby facilitating their participation in governance affairs. Consisting of W token holders, the Wormhole DAO will supervise governance across Solana, the Ethereum mainnet, and EVM L2s.

Wormhole, which was initially created by Jump Crypto, a subsidiary of Jump Trading Group, has since undergone substantial development. Notwithstanding facing obstacles such as a substantial breach in February 2022 that caused an estimated $320 million in losses, the protocol has endured.

The imminent support for the W token by Coinbase on April 4 and its recent listing on prominent exchanges such as Crypto.com and Crypto.com, respectively, indicate the progression of the protocol.

W/USDT Looks For Bullish Accumulation

W/USDT Looks For Bullish Accumulation

This week, W/USDT launched for trading in different platforms allowing investors to join the possible price fluctuations. 

Since the launch, the price spiked and found a peak at the 1.7988 level from where a sideways momentum appears. According to the Fibonacci Retracement indicator, the 50% level from the existing swing is at 1.0226 level. Therefore any price below this line would be considered a discounted price. Any long signal from the discounted could work as a high probable trading opportunity, depending on the price action.

In the hourly chart, the 20 Exponential Moving Average is above the current price, while the Relative Strength Index (RSI) hovers below the 50.00 line.

Based on the price prediction of WUSDT, investors should wait for a valid to be formed before opening a long position. An immediate buying signal might come with a bullish reversal and an hourly close above the 20 day EMA. In that case, the upside momentum could extend towards the 1.7988 high.

Another long opportunity might come after forming a bottom in the RSI Indicator. However, a valid bullish reversal from the bottom is needed with a confirmation from H4 candles.

W/USDT Ichimoku Cloud Analysis

W/USDT Ichimoku Cloud Analysis

According to the Ichimoku Cloud of W/USDT, a prolonged selling pressure is visible in the hourly timeframe. Moreover, the Senkou Span A moved below the Senkou Span B, while the Kijun Sen worked as an immediate resistance.

Based on this outlook, a downside continuation is potent in this pair, where an hourly close below the 0.9112 level could be a valid short opportunity. 

On the other hand, the long term bulls need a valid signal after having a cloud breakout. An hourly close above the 1.2700 level could be a conservative long signal, targeting the 2.0000 level.

Is W/USDT A Buy?

Based on the current market structure, the overall structure is bearish with no bottom formation. Therefore, investors should closely monitor how the price form a bullish breakout from the Ichimoku Cloud zone to find s potential long opportunity.

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