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The Wormhole price jumped 14% in the last 24 hours to trade at $0.6691 as of 4 a.m. EST on trading volume that skyrocketed 105% to $272.39 million.
The Wormhole project spent the last week struggling to grow amid bearish sentiment, but the new token still breached some major resistances to hit the $0.70 mark earlier.
The project attracted much attention due to its Wormhole Native Token Transfers (NTT) framework, which allows it to operate as a natively multichain project. As such, it stands to bring greater interoperability to the Arbitrum ecosystem, as it helps native ERC-20 tokens such as JitoSOL to move on to different chains.
.@wormhole is bringing more interoperability to the Arbitrum ecosystem! 💙 https://t.co/r6JlDMxGjc
— Arbitrum (💙,🧡) (@arbitrum) April 29, 2024
Its efforts to enable this expansion are likely one of the reasons why the project’s price performed so well in the last 24 hours. Besides that, the project worked hard to connect with others in the sector.
For example, it recently lent its support to the SEDA token upgrade, and SpookySwap integrated its Wormhole Connect to enable token transfers from 30-plus blockchains.
Wormhole Price Prediction
Wormhole’s native token, W, saw a significant price increase in the last 24 hours, but right now, many are wondering if there is still time to get involved with the project or if it is too late to profit from its performance.
To try and predict what will happen next, traders and investors alike are turning to charts and technical indicators, which currently seem to suggest that W is about to see a correction.
The project’s Relative Strength Index (RSI) value has been dropping from the overbought area. However, there is still strong buying power that occasionally overwhelms those who have taken profit following the recent surge.
Even so, as seen on the chart below, the RSI value continues to spiral down despite short bursts of buying pressure occasionally.
So far, the RSI score has not yet reached the neutral zone, but if the buy pressure weakens, it could quickly spiral down toward the oversold area.
Another signal that a correction might be coming is the sudden narrowing of the project’s Bollinger bands.
Right now, the bands are still fairly wide, although they have seen a significant narrowing compared to what they used to look like in the past two days, which is also a bearish signal — just not as harsh as it could be.
Still, traders are advised to be cautious, as the project finds itself in a delicate state, and it could easily spiral down if its supports break.
In terms of price performance, W has failed to breach the resistance at $0.68, and but it could still see another attempt if the buy pressure maintains its strength. However, if it weakens, as technical indicators suggest it might happen, then the W price could drop toward $0.60.
At this time, there is little that can be said with certainty, so the best that W traders can do is proceed with caution and use all risk management tools and strategies at their disposal.
Promising Alternative to Wormhole
While Wormhole attracted quite a few investors thanks to its recent price surge, many believe that the best time to invest is during the presale, preferably in a well-designed cryptocurrency with great potential for the future.
One such crypto might be eTukTuk (TUK), a project that aims to lead a sustainable transportation revolution in developing regions like South Asia and Africa.
At the core of its plan is the goal to replace internal combustion engine Tuk Tuks with electric ones.
The so-called eTukTuk is the project’s flagship product, and it combines AI, crypto/blockchain, and electric vehicles to ensure an eco-friendly future of transportation — first in developing nations, and then worldwide.
📢📢 EXCITING ANNOUNCEMENT 📢📢
We are thrilled to announce that our awaited game, Crazy Tuk Tuk taxi is now also available on the App store 🤩
Complete quests, earn rewards and compete in thrilling races 😎
Download now:https://t.co/E2rb7J8r2e pic.twitter.com/XXgV8Wgz0Y
— eTukTuk (@eTukTukio) April 21, 2024
Being an eco-friendly project that seeks to offer a much-needed product that’s expected to see significant demand in the future, eTukTuk is seen by many as an excellent long-term investment.
So far, the presale has raised over $3.2 million. The TUK token is selling for $0.0305. With a price hike coming in less than six hours, buy soon if you are interested.
The token is available in exchange for ETH, USDT, and BNB, or you can use a credit or debit card.
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