Investor interest is ramping up as speculation grows around two altcoins potentially landing on Coinbase this August.
With these listings historically acting as a catalyst for sharp price movements, traders are positioning early in hopes of capitalizing on what’s often called the “Coinbase effect.”
MAMO
Base Network-based MAMO is one of the altcoins that leading exchange Coinbase has just added to its roadmap for August. Trading at $0.1637, the altcoin has noted a 15% rally in the past 24 hours.
In the past week, MAMO’s price has soared nearly 40%, with readings from its Relative Strength Index (RSI) hinting at a further rally in the short term. As of this writing, this momentum indicator, which measures an asset’s oversold and overbought market conditions, is at 63.23 and in an uptrend.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 63.33, MAMO’s RSI indicates more room for growth before the altcoin becomes overbought. If demand remains, the token’s price could rally to $0.1905. Strong demand could also strengthen Mamo’s case for a Coinbase listing.
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However, MAMO’s price could fall to $0.1568 if selloffs commence.
Euler (EUL)
EUL, the native token of the modular lending platform Euler, is another altcoin awaiting potential listing on Coinbase. Trading at $10.972, its price has climbed by 4% over the past day.
Amid the broader market’s lackluster performance over the past week, EUL has lost 21% of its value. On the EUL/USD one-day chart, the negative Chaikin Money Flow (CMF) reflects the weakening demand for the altcoin. As of this writing, this stands at -0.24, trending downward.
The indicator measures how money flows into and out of an asset. A positive CMF indicates that buying pressure is dominating, often signaling accumulation.
On the other hand, as with EUL, when CMF turns negative, selling pressure is stronger, pointing to potential downward momentum.
If the decline deepens, EUL could fall to $9.668.
Conversely, if buying persists, its price could break above $11.280 and rally toward $13.576.
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Disclaimer
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