Technical analysis by Mudrex about Symbol W: Sell recommendation (6/18/2024)

Wormhole (WUSDT ) has corrected around 34% over the past week, making it the top loser. Wormhole is a leading interoperability platform that supports multichain applications and bridges at scale.As a newly listed coin, there isn't enough price action to analyze from the chart. The $0.778 level is a crucial resistance where Wormhole has faced rejections. The bearish market conditions have pushed Wormhole into a downward trajectory, reaching a low of $0.366. Currently, Wormhole is trying to establish resistance at this level, but if the bearish trend continues, further declines are likely.On the daily time frame, oscillators show a neutral signal, while the moving average indicates a strong sell. In the weekly time frame, oscillators are very bullish, but the moving averages continue to suggest a strong sell.