Wormhole looks set for a rough ride, with technical indicators pointing toward weakness even as the token gears up for a major milestone: a listing on Coinbase.<\/p>\n\n\n\n
On Tuesday, Coinbase announced it would list Wormhole (ticker symbol W) on July 2 as an SPL token on the Solana network. Normally, news like this sparks a surge in investor interest and prices. But so far, Wormhole hasn\u2019t managed to drum up much enthusiasm ahead of its big debut.<\/p>\n\n\n\n
The listing follows Wormhole\u2019s recent partnership with Ripple Labs, aiming to bring multi-chain interoperability to the XRP Ledger and its EVM-compatible sidechain. The collaboration promises to enable cross-chain messaging, asset transfers, and multi-chain token issuance, strengthening the XRP Ledger\u2019s ecosystem.<\/p>\n\n\n\n
Yet, despite these promising developments, investors remain cautious. Wormhole\u2019s price action has stayed weak, with the token down a staggering 77.6% so far this year. After plunging to an all-time low of $0.051 on June 22, it\u2019s only managed a modest bounce to $0.071 as of now.<\/p>\n\n\n\n
Adding to the unease, most investors are deeply underwater. Data from IntoTheBlock shows that 92% of Wormhole wallet addresses are currently sitting on losses. Meanwhile, whales control around 88% of the circulating supply\u2014a concentration that raises the risk of sudden, large-scale sell-offs if these big holders decide to cut their losses, which could drive prices even lower and cause further volatility.<\/p>\n\n\n\n
On top of that, data from Nansen paints a gloomy picture for investor sentiment. Over the past week, influencers and well-known crypto figures have reportedly been offloading their Wormhole holdings. Such moves from high-profile individuals often spook retail investors, adding fuel to selling pressure and eroding market confidence.<\/p>\n\n\n\n
Technical Analysis Hints at Trouble Ahead<\/strong><\/p>\n\n\n\n Wormhole\u2019s price chart isn\u2019t looking much better. On the 4-hour W\/USDT chart, the token recently broke below the lower boundary of an ascending broadening wedge a pattern known for volatility and typically considered bearish. This wedge had been forming since Wormhole\u2019s recent local bottom.<\/p>\n\n\n\n An ascending broadening wedge is characterized by widening price swings and upward-sloping trendlines, often signaling an unstable market that\u2019s losing clear direction. When prices break below the wedge\u2019s lower trendline, it usually indicates growing bearish pressure and the potential for further declines.<\/p>\n\n\n\n Momentum indicators back up this bearish outlook. The MACD has crossed to the downside, suggesting momentum is shifting toward sellers. Meanwhile, the Relative Strength Index (RSI) has slipped back to a neutral reading of 50, signaling that previous bullish momentum has fizzled out. A negative reading on the Chaikin Money Flow indicator further confirms that selling pressure is intensifying.<\/p>\n\n\n\n Given these signals, Wormhole may soon retest support around the $0.066 level, which aligns with the 23.6% Fibonacci retracement zone. A strong break below this support could open the door to deeper losses and might push the token back toward its all-time low of $0.051.<\/p>\n\n\n\n While that low might offer temporary support if selling cools off, failing to hold the line there could result in an even steeper correction for Wormhole.<\/p>\n\n\n\n All in all, despite the excitement of a Coinbase listing and a high-profile partnership with Ripple Labs, Wormhole faces significant hurdles and investors seem far from convinced that the worst is over.<\/p>\n","protected":false},"excerpt":{"rendered":" Wormhole looks set for a rough ride, with technical indicators pointing toward weakness even as the token gears up for a major milestone: a listing on Coinbase. On Tuesday, Coinbase announced it would list Wormhole (ticker symbol W) on July 2 as an SPL token on the Solana network. Normally, news like this sparks a…<\/p>\n","protected":false},"author":3,"featured_media":9771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[166,1195,1335],"class_list":["post-9770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-coinbase","tag-indicators","tag-wormhole"],"yoast_head":"\n