Will Worldcoin Fall to New Record Lows?
Contributor
- WLD showed bullish momentum after retesting key trendline support.
- Whale transactions and development activity signaled a possible reversal.
Worldcoin [WLD] has experienced a dramatic decline that has investors worried. As it approaches an all-time low, the question is: is this the bottom or is the long-awaited reversal imminent?
Let’s find out –
WLD fluctuated between $6.5 and $4.2 over the past two months before falling below the $4.2 support level. The price has fallen by around 21% since its breakdown on June 8.
WLD has retested trendline support – this has been retested several times before – and is steadily building bullish momentum.
At the time of writing CoinMarketCap valued WLD price at $3.46, down 6.29% in the past 24 hours and 20.83% in the past seven days. The market cap was $834 million.
WLD’s volume has increased by 16.03% to $174 million in the last 24 hours.
Source: TradingView
Stochastic RSI (2.70) suggests an oversold zone that could trigger a price reversal if bullish momentum flexes its muscles.
Is there a glimmer of hope for Worldcoin?
AskFX has analyzed Santiment’s whale and development activity data to find out if it supports a reversal or further decline.
Development activity has been steadily increasing, indicating investor confidence in WLD’s long-term viability.
There have also been several spikes in whale transactions, suggesting that large holders may be accumulating as they have found a key area to enter the market. This could push the price higher for a potential reversal.
Source: Santiment
What does the liquidation heatmap say about this?
The liquidation heatmap shows that zones of high liquidation levels are concentrated at around $4.0, which could act as price magnets and push prices higher.
This suggested that the market had a bullish bias at press time and that WLD would likely rise sharply to fill the gaps.
Source: Coinglass
Should you brace yourself?
Although the overall WLD market bias is bearish, several indicators suggested that we may be approaching a critical reversal point.
Is your portfolio in the black? Check out the WLD profit calculator
The confluence of increasing whale activity, continued development activity and a retest of the trendline supports a possible reversal.
However, if WLD breaks below the support level, the price may continue to decline.
