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The Wormhole price dropped 14% in the last 24 hours to trade at $1.16 as of 03:06 a.m. EST on trading volume that surged to $1.7 billion.
This comes as the cross-chain bridge, Wormhole, initiated an airdrop that saw early users rewarded with 617 million of its issued governance token, W, worth $850 million at the time of its launch.
Claim your Whttps://t.co/GxyfY14hJd pic.twitter.com/ucUq2ahcUt
— Wormhole (@wormhole) April 3, 2024
The token was initially launched on the Solana blockchain but will be natively issued on Ethereum and layer-2 networks later on. W has since been on a downtrend, as was the case with other projects that airdropped tokens to users, including Jupiter.
Wormhole Price Set For A Price Recovery
The Wormhole price debuted on exchanges at $1.66 before going through a retrace within the falling wedge pattern to the $1.10 support level. W bulls seem to be pushing the price from this level, as the price touches the upper boundary of the falling wedge.
The current downtrend is further supported by the price trading below the 50-day Simple Moving Average (SMA). Additionally, the Relative Strength Index (RSI) is trading within the oversold region, currently at 39, which shows that bears are exerting more pressure on the price but with signs of a reversal.
Moreover, the Moving Average Convergence Divergence (MACD) shows signs of a trend reversal, with the blue moving average line crossing above the orange signal line, representing a bullish crossover.
Investors often use a bullish crossover to add more buys to their positions, which may cause the price to soar. The green bars extending over the neutral line also show that W is currently in positive momentum.
Wormhole Price Prediction
The Wormhole price analysis on the 15-minute chart shows that W is on a downtrend but has the potential to rebound over the falling wedge pattern. Additionally, the MACD supports the bullish prospect, with the bulls aiming to buy more, pushing the price higher above $1.7.
However, if the bears exert more pressure, the price may go down to $1.0, which is a cushion against downward pressure.
Meanwhile, as the W price bulls strive to stage a price reversal, investors are now shifting their focus to Sponge V2 ahead of imminent new listings on top-tier exchanges.
Sponge V2: Best Opportunity For 100X Gains?
Sponge saw a remarkable 100X surge last year during a bear market. If you missed that, you have a new opportunity with Sponge V2.
🌟 With bigger exchanges on the horizon and added #P2E utility, #SpongeV2 is set to be bigger and better than ever!
We’re not here to take part, we’re here to take over! 🧽💦
$SPONGE #Crypto #Web3 #Alts pic.twitter.com/BlGZhYKjoe
— $SPONGE (@spongeoneth) March 27, 2024
The development team phased out Sponge in early February, with over 13,000 holders moving to the more secure and cost-efficient V2 on the Polygon Network. Sponge V2 is an upgraded version of its predecessor, which promises more significant rewards and a robust ecosystem.
🚀Missed 100x in 2023?💥 $SPONGE is BACK with V2 – Bigger, Better, and ready to absorb the damp!
Hurry and stake now to join the ride! 🔥#SpongeV2 #Web3 #Crypto #Alts pic.twitter.com/VMooQjC79H
— $SPONGE (@spongeoneth) March 25, 2024
Sponge V2’s roadmap is packed with promising developments, which include upcoming exchange listings that could push the price higher.
Stake $SPONGE V2, 370% Annual Rewards
Traders also have an opportunity to earn passive income through their tokens. They can buy and stake $SPONGE V2 tokens, earning an impressive 370% annual percentage yield (APY) on the Polygon Network.
The platform is also on the verge of launching a play-to-earn racer game, available in both paid and free versions, where you get to engage in racing competitions and earn token rewards.
Don't forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Crypto Boy, a crypto analyst and YouTuber, believes that Sponge V2 has the potential to soar a further 100X.
To join the presale, you can buy the Sponge V2 tokens on the official website here. Link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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