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7h ago

Wormhole’s W Gives Back Gains as Bitcoin Drop Tests $0.08 Support

Integration-driven momentum has faded, leaving a risk profile tilted lower.

Wormhole price prediction - Assessing the downside risk for W traders
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Overview

  • On August 29, W spiked roughly 33% within hours to $0.106 after HyperEVM went live on Wormhole, expanding cross-chain liquidity and EVM developer access.
  • The surge briefly flipped the $0.085–$0.088 band from resistance to support, but price was rejected near the $0.085 mid-range and quickly retraced.
  • As Bitcoin slipped below $110,000, W slid toward the $0.08 order-block support, with analysts warning that a break could reopen the lower range near $0.071.
  • Charts show persistent bearish pressure, including negative CMF near -0.21 to -0.23, a weakening Awesome Oscillator, and a weekly downtrend with lower swing lows since April.
  • Activity remains elevated yet split: earlier spot volume topped $510 million, derivatives volume fell 48% to $532 million as open interest inched to $75 million, and retail accounts leaned long while top traders stayed balanced.