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Wormhole Price Making Higher Lows, Targets $0.70 In The Day

Wormhole has been one of the top-performing cryptocurrencies today, gaining 7.21% to trade at $0.635 when going to press. This comes from a series of positive developments, most notably Wormhole’s integration with XLayer, an Ethereum Layer 2 network that promises enhanced scalability, security, and user experience.

Wormhole Integrates With XLayer 

The integration with XLayer marks a pivotal moment for Wormhole. XLayer is an advanced Ethereum L2 network that utilizes cutting-edge cryptographic zero-knowledge proofs (ZKPs) to ensure the validity and near-instant finality of off-chain transaction computations. Built using the Polygon CDK and powered by the OKB token, XLayer offers 100% Ethereum Virtual Machine (EVM) compatibility, high performance, and low fees. 

Seamless Integration With Polygon 

XLayer integrates seamlessly with the Polygon AggLayer, leveraging shared liquidity and trustless interoperability with other L1 and L2 networks.

In a recent blog post, Wormhole elaborated on XLayer’s functionality and benefits, stating that XLayer operates as a validity rollup, processing transactions off-chain and subsequently posting data to Ethereum L1. It verifies the state by submitting Zero Knowledge Proofs to L1, confirmed through a smart contract.

Integration Comes With Many Benefits For Users

Scalability And Flexibility

The integration with XLayer brings several advantages for both developers and users. XLayer offers EVM Validium, which provides scalability and flexibility about data availability. By avoiding expensive gas fees for permanently storing transactions on L1, XLayer reduces costs

The network is not limited by the amount of transaction data that can be published to Ethereum, thanks to ZK-validity proofs. XLayer inherits Ethereum’s security, ensuring user funds are protected with the highest security guarantees. Seamless asset transfers and ZK-powered interoperability across CDK-based chains within the Polygon ecosystem are also significant benefits. 

Gateway To Web 3.0

Additionally, XLayer achieves near-instant finality and robust security through cryptographically ensured transaction integrity. Integration with OKX products offers access to 50 million users in the OKX ecosystem, providing a gateway to the Web3 world via OKX Wallet, which supports innovative dApps.

Transferring assets to or from XLayer is straightforward through the Portal Bridge. Users must head to Portal Bridge, connect their Wallet, select XLayer as the Source or Target chain for their transaction, and complete the transfer process. Developers can enable token transfers to and from XLayer with just three lines of code via Wormhole Connect. This allows seamless bridging across Wormhole’s 30+ connected blockchains, secured by the Wormhole Guardians. 

Wormhole Enters User Education Partnership

In addition to technological advancements, Wormhole has launched an education series in partnership with Encode, aiming to educate participants about the future of interoperability. 

Wormhole’s integration with XLayer and the subsequent price surge highlights the platform’s commitment to innovation and scalability. As Wormhole continues to expand its capabilities and educate the community, it is poised to record even higher gains in the short term.

Wormhole Forming Higher Lows As Bullish Momentum Accelerates

Wormhole has been on a solid bull run for most of the day. In the last 24 hours, Wormhole has been making higher lows, an indicator that every dip is being bought up. In the past hour, bulls have gained momentum with strong volumes. If this momentum continues, the critical level to watch is the $0.657 resistance. If this resistance is broken, Wormhole could be headed to highs of $0.70 within the day or in the next 24 hours.

On the other hand, if bulls lose momentum, two scenarios could play out today. The first is a possible consolidation between the $0.657 resistance and $0.631 support. In the second scenario, bears take control and push Wormhole through the $0.63 support. In such a case, Wormhole could drop to around $0.60 today.

Bulls Likely To Carry The Day

Based on the strength of Wormhole’s recent news and bullish momentum across the market, Wormhole is likely headed higher today. The odds of testing a high of $0.70 in the next 24 hours are high.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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