Wormhole has encountered a highly volatile two-week trading period. Measured from Friday, October 9th, to the time of writing, the asset's price faced an 8.21% slide. During this period, the altcoin recorded a 109.78% rally from $0.0151 to $0.0317, before pulling back to $0.0138.
Despite the heavy volatility, the altcoin appeared to maintain its bullish price structure, though market participants continue to watch for potential bearish risks.
Higher Timeframe Price Structure
A bearish trend persisted for most of 2026 until a swing high made in June at $0.0138 was breached in September. This breach broke the previous lower high and shifted the structure to bullish. Following this shift, the price surged to a yearly high of $0.0317, a level last traded in January 2026.
This surge and trend shift were supported by a swing level at $0.0129. During the recent retracement, the price came close to this anchor, though a daily session close below $0.0129 has not yet occurred. A close below that level would shift the structure back to bearish and suggest the recent rally may have been a liquidity grab for profit-taking.
Technical Indicators and Key Levels
On the 1-day chart, technical indicators showed pessimistic signs. The On-Balance Volume (OBV) took a nosedive following the correction and heavy selling volumes after the price peaked at $0.0317. Additionally, the Relative Strength Index (RSI) dropped below the neutral 50 level, highlighting a bearish bias.
Liquidation heatmap data highlighted key magnetic zones for swing traders to monitor:
- $0.0120 to $0.0125: A sweep of this area followed by a bullish price reaction would be an encouraging sign for buyers.
- $0.0161 to $0.0177: A rally into this range could face resistance unless supported by heavy spot demand.
Overall, Wormhole rallied nearly 110% over three days before shedding close to 60% over the subsequent eleven days, leaving supply and demand levels at $0.0161 and $0.0125 as critical points of interest for swing traders.
