Yes, it's very possible that the story has been deleted. Authors may remove their stories for various reasons, such as they no longer want to share it, or they received some negative feedback. If it's a popular story, you can try to check on Wattpad forums or groups to see if anyone else has information about its deletion.
It could be deleted. Sometimes Wattpad enforces certain rules and if a story violates them, it will be removed. Also, the author might have decided to take it down on their own. If you really liked the story, you could try reaching out to other readers who might have saved a copy, although this might not be allowed depending on Wattpad's terms of use.
There's a good chance it's been deleted. Maybe the author had some personal issues and didn't want the story to be available anymore. Another scenario is that Wattpad removed it for content - related reasons, like if it contained inappropriate or plagiarized material. However, without more information, it's hard to be certain.