Wormhole (W) token is demonstrating early signs of bullish reversal, attracting the attention of major market players.
Current Metrics of Token W
According to data from crypto.news, as of June 27, Wormhole (W) was trading at $0.0631 with a market cap over $293 million. However, the token is down more than 80% from its yearly high of $0.317. This sharp correction has left around 96% of holders underwater, creating sustained selling pressure.
Partnership with Ripple and Its Significance
Wormhole has recently partnered with Ripple to bring multichain support to XRP Ledger (XRPL) and Ripple's new EVM-compatible sidechain. This will allow both networks to interface with over 35 blockchains, significantly enhancing their interoperability capabilities.
Technical Analysis and Prospects
On the daily chart, Wormhole appears to be forming a double-bottom pattern, a classic bullish reversal structure often seen at the end of prolonged downtrends. The two lows are around the $0.05 level, while the neckline resistance is approximately $0.117. Momentum indicators like MACD and RSI are showing growing bullish momentum.
The future of the Wormhole token depends on its ability to hold the support at $0.05 and successfully complete the double-bottom structure, which may signal renewed interest from investors.
