Wormhole seems ready for a bearish reversal, with technical indicators that continue to signal the weakness prior to a coinbase list.
In a Tuesday announcement, Coinbase confirmed It would mention Wormhole (W) on July 2 as a SPL -Token on the Solana network.
Lists at large stock exchanges such as Coinbase often generate a short -term bullish sentiment; In this case, however, token is unable to attract a meaningful investor’s interest prior to the event.
This list comes shortly after Wormhole has entered into a strategic partnership with Ripple Labs to integrate multi-chain interoperability with the XRP whides and its EVM-compatible sidechain. By enabling cross-chain messages, assets transfers and multi-chain token issue, the partnership is the aim of strengthening the possibilities of the XRP whides.
Yet these developments are not in improving the sentiment of investors, as evidenced by the Wormhole price action, which is still modest. Token is currently falling by 77.6% years to date. After falling to a low point of $ 0.051 on 22 June, it only managed a modest recovery to $ 0.071 at the time of writing.
For caution, most investors are currently under water and a small group of whales control the majority of the token stock.
According to data from Intotheblock, 92% of the Wormgat addresses currently loses, with 88% of the circulating food that concentrates in the hands of whales. This distribution increases the risk of large -scale sale, because these holders can try to reduce further losses that can aggravate the volatility of the price.
Additional data from Nansen emphasize further weakness in the trust of investors. Influences and well -known accounts reportedly released their worm hole possession in the past week.
Such actions by high visibility figures often cause a negative sentiment among retail investors, which contributes to the sales pressure and the undermining of broader market support.
W Price analysis
The market structure of Wormhole also shows signs of stress, with a bearish patron formation.
On the 4-hour W/USDT graph, the token broken under the lower limit of a rising wider WIG, a volatile and typical bearish structure that had formed since the recent local bottom of the token.
An ascending Brederwedge is characterized by expanding price fluctuations and rising trend lines, which often means that markets become unstable and lose directional beliefs. A breakdown under the lower trendline generally indicates that Beerarish is mounted pressure and that a further drop can follow.
Momentum indicators support these Bearish front views. The MACD lines have been crossed to the disadvantage, while the relative strength index has withdrawn into neutral levels at 50. This suggests that Bullish Momentum has disappeared and sellers take over. A negative chaikin -money current reading further confirms this trend.
In view of these conditions, W can be ready to re -test the level of $ 0.066, which corresponds to the 23.6% Fibonacci Retracementzone. A decisive break under this support could expose token to further losses, which may lead to a retest of his low all-time at $ 0.051.
This level can serve as a temporary support zone, provided that the sales pressure is facilitated. Holding not above that cannot lead to a deeper price correction.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
