Wormhole Token Surges After Upbit Listing Boosts Market Visibility

• Wormhole’s listing on Upbit has significantly boosted its market visibility and accessibility.
• Technical indicators like MACD and RSI suggest the token could maintain upward momentum.

Currently ranking first among the top gainers in the middle of a wider drop in the crypto market, Wormhole (W) has shown exceptional performance. The W token is trading at about $0.371 at the time of writing, a notable 20.86% rise in just the past 24 hours.

The token’s recent debut on South Korea’s biggest cryptocurrency exchange, Upbit, which provided fresh trading pairings for Wormhole in KRW, BTC, and USDT, is mostly responsible for this sudden price spike. This strategic listing has increased demand for the token, therefore driving its value and increasing investor interest.

Wormhole Gains Momentum After Upbit Listing and Breaks Long-Term Resistance 

Early today’s Upbit listing had an instantaneous effect on the price of the token, increasing trading activity and forcing W to reach a day high of around $0.38.

Especially in light of a widespread downturn in other major cryptocurrencies, Wormhole’s exceptional performance can be attributed to the market’s passionate reaction to the listing. Especially in the South Korean market, where crypto trading is somewhat strong, the listing has essentially made the coin more available to a larger audience.

Wormhole (W) has seen a protracted run of dropping prices before this rise; August 2024 saw an all-time low of $0.162. But late September’s breach from a long-term declining resistance trend line marked the conclusion of this downward path.

Since then, the coin has acquired notable increasing momentum; its price rose over 125% from its August low. Wormhole’s recent success has been much aided by this breakthrough as well as the excitement over the Upbit listing.

Source: Valdrin Tahiri/TradingView

Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), both of which entered into positive territory during this price gain, support the token’s upward trajectory even further.

These signals suggest that Wormhole’s advance could endure, while other analysts warn that the token might encounter opposition at the $0.55 level, therefore restricting additional short term gains.

On the other hand, CNF previously highlighted Wormhole’s integration of Worldcoin’s World ID into Solana, which enhances blockchain identity verification. The collaboration aims to enhance security and cross-chain interoperability, benefiting both WLD and SOL markets.