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The Wormhole price surged more than 14% in the last 24 hours to trade at $0.6228 as of 12:55 a.m. EST as investors begin re-accumulating the token.
The gain in the W price was enough to flip its weekly performance into the green, with the altcoin up more than 8% over the past 7 days. But it’s still down more than 54% on the monthly time frame.
The Wormhole Price Trapped In Consolidation
4-hour chart for W/USDT (Source: TradingView)
The Wormhole price attempted to break out of its medium-term consolidation phase between $0.5058 and $0.6700 in the past 24 hours. However, sellers were able to prevent this from happening, leading to a rejection by the $0.6700 resistance.
W will likely continue to consolidate in the coming 24 hours. Following the recent rejection, the altcoin could correct down to $0.5058 over the coming few hours.
If the Wormhole price manages to rise above the $0.6700 barrier in the next 48 hours, traders could identify the escape from the consolidation channel as a long entry. This potential influx of buy pressure might send W on a price discovery journey.
In this bullish scenario, the Wormhole price could look to attempt a challenge at the $0.9193 threshold in the short term. A 4-hour candle close above this mark might then lead to bulls pushing the crypto’s price higher in the following couple of days.
On the other hand, a break below the $0.5058 support in the coming 24 hours could invalidate the bullish thesis. In this alternative scenario, the Wormhole price might be at risk of correcting to $0.4169 before potentially plummeting lower, since W lacks technical support.
Buyers Unable To Capitalize On Their Advantage To Push The Wormhole Price Higher
Major short-term bullish flags were triggered on W’s 4-hour chart over the past 24 hours. Although technical indicators still flag bullish, they do suggest buyers are losing strength.
Throughout the last day of trading, the Moving Average Convergence Divergence (MACD) line crossed above the MACD Signal line. Initially, this indicated that W entered into a short-term bullish phase. However, the narrowing gap between the two lines warns this positive period might soon end.
Meanwhile, the Relative Strength Index (RSI) rose above its Simple Moving Average (SMA) line on the 4-hour chart. Traders usually identify this technical occurrence as a sign that buyers have gained the upper hand against sellers.
Bulls were unable to take full advantage of the opportunity, however, as sellers now seem to be re-accumulating their strength. This is evident by the MACD line collapsing towards the SMA line.
With W stuck in a sideways channel, investors are rushing to buy into 5thScape (5SCAPE) during its ICO, which has already raised more than $5.6 million.
Combining Multiple Technologies Into One Super Product
5thScape is an innovative project that is looking to establish a presence in the fast-growing AR/VR industry. What sets it apart from its competitors is the tokenization element included in the 5thScape ecosystem.
Built on the belief that tokenization will soon play a major part in the virtual reality realm, the 5thScape team has introduced its own token called 5SCAPE. In addition to serving as a utility token on the platform, the crypto will also give holders the ability to earn passive rewards through a dynamic staking pool.
Partly funded by player subscriptions and the purchases of premium content, the liquidity in this staking pool will grow as more people join the 5thScape platform. This means that users stand to earn higher yields as well.
A Potential 10X Opportunity
5thScape has cleverly combined cutting-edge technologies to create one super app. What’s more, the project is a clever play on the emerging tokenization, blockchain gaming, and AR/VR fields.
🍏🆚🔮 When it comes to immersive tech, the choice is clear: Apple Vision Pro vs. Meta Quest 3. Apple dazzles with 4K visuals, custom design, and spatial audio. Meta Quest 3 offers affordability and a wide app selection. It's a battle of innovation vs. accessibility!#5thScape… pic.twitter.com/jQC0mYpBHf
— 5th Scape (@5th_scape) April 24, 2024
Through this strategic combination, 5thScape’s native 5SCAPE token is perfectly poised to benefit from the rapid growth of these industries.
To get in on this potential 10X opportunity at this early stage, investors can purchase the token on its official website. Selling for $0.00327, 5SCAPE can be bought using either ETH, MATIC, BNB, USDT or bank card.
Purchase 5SCAPE on its official website here.
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