Wormhole price forms a risky pattern ahead of Coinbase listing
The post Wormhole price forms a risky pattern ahead of Coinbase listing appeared on BitcoinEthereumNews.com. Wormhole appears poised for a bearish reversal, with technical indicators continuing to signal weakness ahead of a Coinbase listing. In a Tuesday announcement, Coinbase confirmed it would list Wormhole (W) on July 2 as an SPL token on the Solana network. Listings on major exchanges such as Coinbase often generate short-term bullish sentiment; however, in this case, the token has failed to attract meaningful investor interest ahead of the event. This listing comes shortly after Wormhole entered into a strategic partnership with Ripple Labs to integrate multi-chain interoperability with the XRP Ledger and its EVM-compatible sidechain. By enabling cross-chain messaging, asset transfers, and multi-chain token issuance, the partnership aims to strengthen the XRP Ledger’s capabilities. Yet these developments have failed to improve investor sentiment, as evident by Wormhole’s price action, which remains subdued. The token is currently down 77.6% year-to-date. After falling to an all-time low of $0.051 on June 22, it has only managed a modest recovery to $0.071 at the time of writing. Adding to the caution, most investors are currently underwater, and a small group of whales control the majority of the token supply. According to data from IntoTheBlock, 92% of Wormhole addresses are currently in losses, with 88% of the circulating supply concentrated in the hands of whales. This distribution raises the risk of large-scale sell-offs as these holders may seek to mitigate further losses, which could exacerbate price volatility. Source: IntoTheBlock Additional data from Nansen highlights further weakness in investor confidence. Influencers and publicly known accounts have reportedly been offloading their Wormhole holdings over the past week. Such actions by high-visibility figures often trigger negative sentiment among retail investors, adding to the selling pressure and undermining broader market support. W price analysis Wormhole’s market structure is also showing signs of stress, with a bearish pattern…
The post Wormhole price forms a risky pattern ahead of Coinbase listing appeared on BitcoinEthereumNews.com.
Wormhole appears poised for a bearish reversal, with technical indicators continuing to signal weakness ahead of a Coinbase listing. In a Tuesday announcement, Coinbase confirmed it would list Wormhole (W) on July 2 as an SPL token on the Solana network. Listings on major exchanges such as Coinbase often generate short-term bullish sentiment; however, in this case, the token has failed to attract meaningful investor interest ahead of the event. This listing comes shortly after Wormhole entered into a strategic partnership with Ripple Labs to integrate multi-chain interoperability with the XRP Ledger and its EVM-compatible sidechain. By enabling cross-chain messaging, asset transfers, and multi-chain token issuance, the partnership aims to strengthen the XRP Ledger’s capabilities. Yet these developments have failed to improve investor sentiment, as evident by Wormhole’s price action, which remains subdued. The token is currently down 77.6% year-to-date. After falling to an all-time low of $0.051 on June 22, it has only managed a modest recovery to $0.071 at the time of writing. Adding to the caution, most investors are currently underwater, and a small group of whales control the majority of the token supply. According to data from IntoTheBlock, 92% of Wormhole addresses are currently in losses, with 88% of the circulating supply concentrated in the hands of whales. This distribution raises the risk of large-scale sell-offs as these holders may seek to mitigate further losses, which could exacerbate price volatility. Source: IntoTheBlock Additional data from Nansen highlights further weakness in investor confidence. Influencers and publicly known accounts have reportedly been offloading their Wormhole holdings over the past week. Such actions by high-visibility figures often trigger negative sentiment among retail investors, adding to the selling pressure and undermining broader market support. W price analysis Wormhole’s market structure is also showing signs of stress, with a bearish pattern…
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