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The Wormhole price has dipped 30% over the past week and 4% in 24 hours to trade for $0.957 as of 02:08 a.m. EST on trading volume that surged 23%.
Traders are selling despite the hype around the Wormhole Porthole Bridge, which provided the tailwinds for the Wormhole price to rally after launch, and despites some indications of a bullish breakout.
Among the projects using the bridge is the Fantom Foundation, whose USDC.e is now available on Fantom.
https://twitter.com/SofaMarket_btc/status/1777556129842692484
Besides Fantom, the Injective network also uses the bridge, with the Wormhole Gateway upgrade bringing seamless asset bridging to users, eliminating the need for manual conversion.
The Next Generation Injective Bridge: Ionic Upgrade
Thread 1: Introducing the Wormhole Gateway
– The Wormhole Gateway upgrade brings seamless asset bridging to users, eliminating the need for manual conversion. pic.twitter.com/HwR7Y13BVs
— Chidi C Emekaobi🥷⚔️ (@chivencobi89) April 8, 2024
InsideBitcoins reported earlier that Wormhole is rapidly changing into a ZK-enabled network for trustless transfers of data and value. The project does this through its partnership with AMD, which provides the necessary resources to increase processing speeds and cut transaction costs.
Wormhole x @AMD – Accelerating Wormhole ZK
Wormhole's platform is rapidly evolving into a ZK-enabled network for trustless transfers of data & value.
AMD is providing enterprise grade hardware, as well as expertise to increase processing speeds and reduce transaction costs 🧵 pic.twitter.com/neNccsEBFI
— Wormhole (@wormhole) April 6, 2024
With these bullish fundamentals, the Wormhole price could develop upward momentum that could lead to a rally. This thesis is supported by the fact that the Wormhole price has filled a falling wedge pattern, which often precedes a bullish breakout.
Wormhole Price Prediction As W Consolidates Within A Bullish Technical Formation
The Wormhole price has filled up a falling wedge pattern on the 4-hour timeframe, after a series of lower highs and lower lows. While the price action is capped by a descending trendline, it draws support from the horizontal line at $0.924.
Notice the Parabolic Stop and Reverse (SAR) indicator that is trailing the Wormhole price from below. As long as this price-tracking indicator tracks the price from underneath, the odds will favor the upside.
However, based on the outlook of the Relative Strength Index (RSI), which remains below the ‘50’ mean level, the upward trajectory could be delayed as the bulls align themselves. The Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) reinforce this supposition, as they are in negative territory.
Key levels to watch if the W bulls recover the market are $1.183 and $1.442. A flip of this seller congestion levels into support would encourage more buy orders. The ensuing buyer momentum could send the Wormhole price further north, potentially as high as to reclaim the $1.860 peak.
TradingView: W/USDT 4-hour chart
On the flip side, the position of the AO and MACD in negative territory shows the bears are also at play. If this cohort of traders takes over the market, the Wormhole price could break below the $0.924 support. In a dire case, the downtrend could see the Wormhole price dip toward the $0.050 range low.
Meanwhile, as the Wormhole price works out its next directional bias now that it has filled the falling wedge pattern, Dogeverse, a new multichain Dogecoin derivative presale, is charging towards $1 million in its presale.
Promising Alternative To Wormhole
Dogeverse takes the stage less than two weeks before International DOGE Day on April 20, presenting itself as the next meme coin to explode on the scene.
It enters the scene as the first meme coin to launch on the six most used blockchains after Bitcoin and advertises itself as “The World’s First Chain Traveling Doge.”
https://twitter.com/The_DogeVerse/status/1777411155419451806
Built to run atop Ethereum, BNB, Polygon, Solana, Avalanche, and Base chains, this multichain project boasts a multi-bridge utility with a massive extension to the power of the Doge universe.
In doing so, it distinguishes itself from DOGE. While there are multi-chain coins already in place, none are as expansive and interconnected as Dogeverse intends to be. The token is inserting itself into a narrative that is concentrating minds on the widening opportunities of meme coins being spun on multiple chains.
https://twitter.com/The_DogeVerse/status/1777381009773756790
The Dogeverse has just got a whole lot bigger with Cosmo the Doge, as he’s known, bounding onto the meme coin playing field. Dogeverse makes single-chain meme coins stale – get with the multi-chain program and the hyper ROI.
Meet #Cosmo! 👋
The world’s first chain traveling #Doge! 🐕🌌
You can now get $DOGEVERSE on any of the chains:#Ethereum 🌐#BNBSmartChain 🔗#Polygon 📦
Coming soon too…#Solana ☀️#Avalanche C-Chain ❄️#Base 🚀 pic.twitter.com/hVOd5dww1D
— DogeVerse (@The_DogeVerse) April 8, 2024
DOGEVERSE tokens are selling for $0.00029 each. With a price increase coming in a maximum of three days, interested investors should buy now for the best price.
The first stage of the presale could also end earlier than three days if the target of $870k is hit sooner. And with $323k already in the bag in less than a day that is quite likely.
Also Read:
- New Crypto ICO Dogeverse Raises $250,000 in Minutes, Could This Multi-Chain Meme Coin Explode?
- Wormhole Price Prediction: W Plunges 40% In A Week As Traders Send Over $10 Million In SOL To New Solana Meme Coin Slothana
- Best Metaverse Crypto Projects: Top Picks for NFT and Virtual World Enthusiasts
- Most Trending Cryptocurrency on Base Chain Now – Doge In Glasses, Cope, Synth Token
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