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The Wormhole price dropped over 4% in the last 24 hours to trade at $0.5242 as of 12:35 a.m. EST as investors offload their holdings of the altcoin on the market.
The W price drop could have been a lot worse if a hacker had exploited a possible $5 million security flaw that was present in the Wormhole bridge code on Aptos. However, Certik was able to identify and report the bug to the project’s team before anyone could take advantage of it.
🚨 CertiK's security research team detected a critical bug in @wormhole, a leading open source bridge for multichain applications.
Discover how an incorrect application of the public(friend) and entry modifiers exposed the blockchain to potential multimillion-dollar exploits by… pic.twitter.com/fOKgT6RaTC
— CertiK (@CertiK) May 13, 2024
The security flaw “arose from an incorrect implementation of the ‘public(friend)’ and ‘entry’ modifiers in the MOVE programming language,” Certik said in a video.
The Wormhole Price At Risk Of Losing Another Support
4-hour chart for W/USDT (Source: TradingView)
The Wormhole crypto price has been trading in a descending channel for the last couple of days. As a result of this bearish move, W is now testing the $0.5271 support level.
A 4-hour candle close below this crucial mark within the next 12 hours could put the crypto at risk of continuing its downward move. Traders might then force the Wormhole price down to the subsequent support at $0.4504 in the following 48 hours.
On the other hand, a break above the upper boundary of the negative price channel could invalidate this bearish thesis. In this alternative scenario, bulls might step in to push W up to the $0.6836 resistance level.
Continued buying pressure should the Wormhole price reach $0.6836 could result in it flipping the technical barrier into support. This will then give W a good foundation to rise from in the following couple of days. If traders identify this potential flip of resistance as a long entry, the crypto might rise to as high as $0.8129.
Bears Likely To Keep Pulling The Wormhole Price Down
Technical indicators on W’s 4-hour chart show that the Wormhole price is in a vulnerable position and is at risk of dropping further in the next 24 hours. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show that momentum and strength are in favor of bears.
This is after the MACD line crossed below the MACD Signal line in the last 24 hours to trigger a major bearish technical flag.Traders normally see this technical occurrence as a sign that a crypto has entered into a negative trend.
Meanwhile, the RSI is positioned below its Simple Moving Average (SMA) on the 4-hour chart, signaling that sellers have the upper hand against buyers. Since the RSI is breaking away below the SMA, it seems that bears are also growing more dominant.
In addition to the growing gap between the RSI and SMA, W”s MACD is dropping below the MACD Signal line as well. This suggests that not only are Wormhole sellers growing stronger, the negative trend that W finds itself in is also intensifying.
With the Wormhole price at the mercy of sellers, some investors might like to consider 5thScape (5SCAPE).
Virtual Reality Meets Tokenization
5thScape is the world’s first AR/VR crypto that is built on the belief that tokenization will play a major part in the future of virtual reality technology. At the core of this cutting-edge project is the 5SCAPE crypto token.
Not only will holders be able to enjoy a seamless transactional experience in the virtual realm, 5SCAPE will also serve as the key to unlocking premium content within the 5thScape ecosystem.
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
What’s more, 5SCAPE will serve as a utility token, which holders can utilize to earn passive rewards through 5thScape’s dynamic staking pool.
Partly funded by player subscriptions and premium content purchases, the staking pool’s yields will grow as more people join the 5thScape platform. This means that investors who have locked their tokens in stand to earn greater rewards.
A Potential 100X Opportunity?
Given its pioneering combination of tokenization and virtual reality technologies, 5SCAPE is perfectly positioned to grow as these two emerging fields take off.
This is one reason why an analyst from the Crypto News YouTube channel recently named 5SCAPE as among newly-launched cryptos with 100X potential.
Investors have already caught on to 5thScape’s potential, which is evident by the success of its presale. With more than $5.8 million raised so far, many are still rushing to buy the altcoin at this early stage.
Selling for $0.00327, 5SCAPE can be bought on its official website using either ETH, MATIC, BNB, USDT or bank card.
Purchase 5SCAPE here for potential parabolic gains.
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