Wormhole Price Grafts Risky Pattern Before Coinbase Listing
Wormhole (W) appears to be balancing on shaky ground against the backdrop of an imminent listing on Coinbase and a high-profile announcement with Ripple Labs. New exchange listings have previously triggered bullish strength, but technical and on-chain analysis suggest a bearish reversal could be on the horizon for the token.
Coinbase Confirms Wormhole Listing
Coinbase will list Wormhole (W) as a Solana SPL token on July 2. Historically, listings on big exchanges like Coinbase drive short-term investor sentiment. However, Wormhole has failed to attract the expected pre-listing buying interest.
Ripple Deal Fails to Lift Sentiment
Days before the listing announcement, Wormhole entered a strategic alliance with Ripple Labs to introduce cross-chain messaging and token interoperability into the XRP Ledger and its EVM-compatible sidechain. The integration is intended to add more size to the XRP ecosystem through easy cross-chain transfers and multi-chain token issuance.
Despite the good underpinnings, Wormhole’s market cap remains under pressure. The token declined 77.6% year to date to a record low of $0.051 on June 22 and has only crept modestly higher to $0.071 at writing.
Whale Dominance and Loss-Making Wallets
92% of holders in Wormhole are in the red currently, with 88% of circulating supply being held by large wallets, this discrepancy suggests the very high likelihood of large whales dumping because whales may dump positions to sell off losses.
Nansen statistics add to that bleak outlook as well as influencers and public wallets sold W tokens aggressively in recent days, likely deteriorating sentiment among retail traders.
Bearish Technical Setup Warns of Danger
On the 4-hour W/USDT chart, Wormhole has fallen from an ascending broadening wedge—a very bearish pattern defined by expanding price swings and weakening trend conviction.
Confirmatory indicators agree:
- The MACD crossed bearish
- RSI has fallen back to neutral at 50
- The Chaikin Money Flow remains negative
This setup suggests that bearish momentum is fading and the token could decline back to the $0.066 level—comparable to the 23.6% Fibonacci retracement. If that level fails, a retest of the all-time low of $0.051 is anticipated.
Outlook: Caution Advised
While large announcements and partnerships help to bring some respite, Wormhole’s weak technicals and bearish on-chain trends indicate extreme bearish risks. If strong buying demand does not return or whale distribution eases, Wormhole’s price can still see headwinds—despite the Coinbase listing.
