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The Wormhole price jumped over 3% in the last 24 hours to trade at $0.5646 as of 12:55 a.m. EST as investors start to buy into the altcoin again.
W’s gain throughout the past day of trading pushed its weekly performance deeper into the green zone. However, the altcoin was still down more than 12% over the past 30 days.
The Wormhole Price Currently Trapped In A Sideways Channel
4-hour chart for W/USDT (Source: TradingView)
The Wormhole price has been in a consolidation phase between $0.5271 and $0.5870 over the past few days. This sideways trading period could be an accumulation phase before a big move.
Should W close a 4-hour candle above $0.5870 within the next 24 hours, it might have a strong technical foundation to rise from. Traders could subsequently identify a break out of the consolidation channel as a long entry, and might then push the Wormhole price to as high as $0.6554.
On the other hand, falling below the $0.5271 support in the next 24 hours could invalidate this bullish thesis. In this alternative scenario, W might be at risk of plummeting to the next key support level at $0.4504 in the following couple of days.
Technicals Warn Of A Wormhole Price Correction
Technical indicators on W’s chart suggest that the Wormhole price does not have the bullish momentum needed to overcome the $0.5870 barrier. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.
W is currently in a bullish trend, as evident by the MACD line’s positioning above the MACD Signal line. However, the MACD line has started to level off as the Wormhole price approaches the $0.5870 barrier. This could be an early sign of W’s positive cycle reaching a peak.
Buyers also seem to be stronger than sellers. Not only is the RSI positioned bullishly above its Simple Moving Average (SMA) line on the 4-hour chart, the RSI is also above 50 to signal buyer strength. Bulls might soon lose this advantage over bears, given the RSI has declined in the last 8 hours.
As such, W could soon enter a bearish phase if buyers do not re-enter the altcoin’s charts. A confirmation of this negative cycle beginning might be when the RSI crosses below the SMA. This could then be followed by the MACD falling below the MACD Signal line. If these technical flags are confirmed and validated, the Wormhole price might retest the $0.5271 support soon.
While traders wait for the Wormhole price to escape its sideways channel, investors are rushing to buy 5thScape (5SCAPE) for potential parabolic gains.
Virtual Reality Meets Tokenization
5thScape is a cutting-edge VR/AR project. What sets it apart from its competitors is its blend of tokenization and virtual reality. By merging these two rapidly-growing industries, 5thScape gives players access to a decentralized virtual realm that is housed on the blockchain.
This opens up the ability for 5thScape users to earn passive rewards in addition to unlocking premium content and virtual experiences by holding the platform’s native 5SCAPE token.
With 5SCAPE, step into a world where the only limit is your imagination. Here’s what awaits you:
Lifetime Free Access 🎁: Say goodbye to subscriptions! Enjoy a never-ending library of curated VR content that evolves with your tastes.
Exclusive In-Game Advantages 🔒: With… pic.twitter.com/AiPTd6NWer
— 5th Scape (@5th_scape) May 9, 2024
The team has already introduced a staking program into the ecosystem. Partly funded by player subscriptions and premium content purchases, the liquidity in the staking pool is set to grow as more players join the 5thScape platform.
This also means that investors who have locked up their tokens in the dynamic staking pool stand to earn greater rewards as the project gains traction.
Building Its Appeal To Multiple Industries
5thScape is looking to incorporate VR/AR technology in several sectors other than just the booming gaming industry, including education. What’s more, the incorporation of distributed ledger technology adds a layer of strong encryption-backed security.
The push to explore opportunities outside of gaming is one key reason why the Cryptonews YouTube channel discussed the project and its potential to generate 100x returns for investors.
Savvy buyers are flocking to get a hold of 5SCAPE, with more than $6 million already being poured into the project’s ICO.
Selling for $0.00327, 5SCAPE tokens can be bought on the official website via the simple buy widget. ETH, MATIC, BNB, USDT, or bank card can be used to acquire the token.
Investors will want to hurry, since the crypto’s price is set to increase during the subsequent phases of its ICO.
Purchase 5SCAPE on the official website here.
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