Wormhole's token price is surging near $0.10, as bullish forces regain dominance in the market.
### Wormhole (W) Price Analysis: Bullish Trend Continues Amidst Cautious Market Sentiment
In the dynamic world of cryptocurrency, Wormhole (W) has been making waves, with its price showing signs of volatility over the past week.
#### Recent Price Action
On July 16, 2025, Wormhole faced resistance at approximately $0.0882, and subsequently found support near $0.082–$0.083. Despite reaching a high of $0.0901, a bearish engulfing pattern hinted at potential reversal pressure.
#### Technical Indicators
Analyst Michaël van de Poppe has noted a higher timeframe bullish divergence for Wormhole, indicating underlying buying pressure that could lead to a potential breakout. However, short-term moving averages on the 15-minute chart initially showed upward momentum, but the price closed below these levels in the final trading hour.
#### Market Sentiment
Despite these technical signals suggesting potential upward momentum, investor sentiment remains cautious. A significant portion of Wormhole's token supply is controlled by whales, which could lead to volatility if these holders decide to sell.
#### Potential Breakout at $0.10
Reaching the $0.10 mark would require significant upward momentum, which is possible if the bullish divergence indicated by Michaël van de Poppe materializes. However, with current resistance levels and the bearish engulfing pattern observed, there are risks of reversal that could hinder such a breakout.
#### Key Resistance Levels
Daan Crypto has identified the $0.10–$0.11 range as a key level for Wormhole. Currently, the price is being tested against the lower edge of this key resistance between $0.10 and $0.10870. The $0.10 barrier is the primary focus for Wormhole traders.
#### Recent Price Movements
Wormhole has managed to reclaim the $0.065–$0.072 range, flipping it from resistance to support. The cryptocurrency is currently priced at $0.09486 per CoinGecko. This rally, which has seen a 20.9% gain this week, has been accompanied by increased trading volume.
#### Formation of a Double Bottom
Wormhole formed a double bottom around $0.065, a pattern that signaled a shift in sentiment after weeks of ranging. This bullish structure, combined with the bullish divergence, suggests growing strength behind the move.
#### Future Outlook
Above the $0.10–$0.11 range, the path looks clearer for bulls in Wormhole. However, below this range, hesitation may creep back in. It is crucial for Wormhole to maintain above key support levels and surpass resistance to achieve a price of $0.10 and beyond.
In conclusion, while Wormhole's technical analysis suggests potential for a breakout, the overall market sentiment and whale-dominated supply pose risks that could impact the price movement negatively. Maintaining above key support levels and surpassing resistance will be crucial for achieving a price of $0.10 and beyond.
Investors might consider adding Bitcoin to their finance portfolio due to Wormhole's current bullish trend, as a breakout above the $0.10 mark could indicate notable gains in the cryptocurrency market, provided that Wormhole manages to maintain above key support levels and surpass resistance.
