Wormhole drops 34%: Are W crypto shorts now overcrowded?

Wormhole [W] declined 34% in the past day as broader market volume surged, according to CoinMarketCap data. In the spot market, rising volume with falling price usually points to stronger selling momentum. That setup warned that Wormhole’s downtrend could continue in the short term. However, the perpetual market was telling a slightly different story. The Long/Short Ratio showed which side controlled more perpetual market volume. A reading above 1 suggested buying dominance. At press time, perpetual market volume had exceeded $1.06 billion over the past 24 hours. The Long/Short Ratio stood at 1.05, showing a moderate bullish tilt.

Source: AMBCrypto