Wormhole crypto’s latest price rejection – Result of a short squeeze or an organic rally?

Key Points

1. Wormhole partnered with Ripple to integrate multi-chain interoperability with the XRP Ledger and its EVM-compatible sidechain, leading to a 12% price rally on the announcement day.

2. Despite the rally, 89% of Wormhole holders were either taking profits or exiting at break-even, indicating weak long-term momentum.

3. On 28 June, Wormhole's price briefly surpassed the $0.08 resistance level, but the CMF and OBV indicators suggested significant capital inflows and buying pressure.

4. A drop below $0.068 would indicate a failed breakout, with traders advised to set stop-losses in the $0.065-$0.068 range and target $0.08 and $0.091 for profit-taking.