When compared to its value seven days ago, the Wormhole cross-chain protocol's native token, W, has dropped thirty percent. Neither the blue 20-day EMA nor the orange 50-day moving average are supporting its current price.
If the price of an asset falls below these moving averages, it means that the market has been trending downward for the past few months. There is a common belief among traders that this is a signal to sell assets or go short.
The price could drop to $0.46 if sellers start making moves.
The altcoin might reach $0.51 if the trend reverses and there is a surge in buying interest.
