- Wormhole (W) tests its $0.118 range high after six months of consolidation, forming a strong accumulation base supporting breakout strength.
- The token flips both the 200-day EMA and SMA into support, marking a notable technical shift favoring sustained bullish continuation.
- Trading at $0.1228, Wormhole shows rising momentum and steady demand, with potential upside targets between the $0.135 and $0.150 levels.
The Wormhole Token (W) is approaching a decisive technical juncture as price action challenges the upper boundary of its long-standing consolidation zone.
Wormhole Approaches Range High After Six-Month Consolidation
Wormhole (W) is currently testing its high range near $0.118 after trading within a wide consolidation zone for over six months. The range has been defined between $0.064 at the lower boundary and $0.118 at the upper limit, forming a consistent base of accumulation.
The token has demonstrated steady resilience in recent sessions, showing a recovery from mid-range levels supported by growing volume. This extended sideways movement has allowed the market to build stability, suggesting that participants are preparing for a possible directional shift.
According to Daan Crypto Trades, W has entered a crucial zone that could mark the end of its prolonged consolidation. He noted that the token “has flipped both the Daily 200MA/EMA,” adding that a break higher would “make for a really solid base” for continuation.
Technical Strength as W Flips 200-Day EMA and SMA Into Support
One of the significant technical developments for Wormhole is the recent flip of both the 200-day EMA and 200-day SMA into support. This crossover indicates that there is a change of long-term momentum to favor buyers and help solidify the bullish structure that is forming on the daily timeframe.
Since July, the market has created a sequence of higher lows, meaning that every dip along the way has led to an increase in buying activity. This is a very common signal pattern, and it often leads to upward continuation, just like inverse head-and-shoulders signal patterns.
If the price closes firmly over $0.118, that confirmation would suggest that a breakout above the consolidation range was achieved and possibly lead to increased involvement from market participants looking for confirmation of trend extension.
Potential Upside Targets and Key Support Levels
If the bullish move continues, upside zones are estimated from $0.135 to $0.150. These zones would be previous supply zones that could act as interim resistance levels for the next part of the move.
On the other hand, if the attempt at a breakout is unsuccessful, traders will likely turn to $0.105 and $0.085 as key support zones. These zones may offer areas of structure for price to reset before the price attempts another upward move.
At the time of writing, Wormhole (W) is trading at $0.1228, a 5.25% increase in the last 24 hours and 19.00% increase in the last week. Continued volume with higher lows demonstrates increasing confidence in the ongoing recovery of W.
