- WLD’s price declined by more than 5% in the last 24 hours.
Most technical indicators hinted at a price uptick in the coming days.
As an experienced analyst, I believe that the recent decline in Worldcoin’s (WLD) price, which dropped by more than 5% in just 24 hours, was a correction rather than a long-term bearish trend. Based on my analysis of technical indicators and market sentiment, I think WLD is currently testing its support levels and could soon rebound.
As an analyst, I’ve observed that Worldcoin [WLD] underwent a price adjustment recently, causing it to approach its key support level.
As a crypto investor, I’ve noticed that the recent price decline of WLD may not be permanent. In fact, it could just be a testing phase for a potential bull run. The chart patterns suggest that we might be witnessing a bullish reversal soon.
Worldcoin turns bearish
As a researcher studying the cryptocurrency market, I’ve observed that the past week hasn’t been favorable for investors of this particular token. The price took a hit, decreasing by over 4%. Unfortunately, the situation worsened in the last 24 hours as the token’s value experienced a significant drop, exceeding 5.5%.
The majority of the decline happened in the last few hours alone.
Based on data from CoinMarketCap, the token was priced at around $5.55 and boasted a market value exceeding $1.17 billion. However, the token’s downward trend in price caused a dampening effect on investor confidence.
According to AMBCrypto’s interpretation of Santiment’s findings, there was a decline in favorable opinions concerning the token during the previous week.
During this period, there were several instances where pessimism towards Worldcoin increased significantly, implying that the trust of investors in WLD was weakening.
Though the current downtrend in the market may be temporary, it’s worth noting that as per the analysis of World of Charts, a well-known cryptocurrency expert, the digital asset WLD emerged from a bullish trend a few days prior.
As a researcher studying the cryptocurrency market, I’ve noticed that the recent price movement of WLD may be due to it retesting its support level. If this token is able to pass this test successfully, its value could potentially surge towards $18 within the next few weeks.
Is a trend reversal possible?
As a crypto investor, I recently took a closer look at Worldcoin’s (WLD) on-chain metrics with AMBCrypto to assess if there was any likelihood of a price reversal in the near future. Unfortunately, I noticed that trading volume for this token had been decreasing significantly over the past week.
When price decreases while trading volume declines, it can indicate that the downward market trend may soon end. Nevertheless, some other indicators continued to show bearish signs, including the MVRV ratio, which fell.
As an analyst, I’ve observed a decrease in network growth. This implies that a smaller number of new cryptocurrency addresses have been generated for facilitating token transfers.
I, as a crypto investor, delved deeper into WLD‘s daily price trend by examining its chart provided by AMBCrypto. Based on my analysis using the Chaikin Money Flow (CMF) indicator, there was a noticeable upward tick.
The Money Flow Index’s (MFI) chart exhibited a comparable rising pattern, implying a potential shift in trends.
Read Worldcoin’s [WLD] Price Prediction 2024-25
The price of the token was hovering around its 20-day Exponential Moving Average (EMA). A significant test of this level by WLD could signal the start of a bullish trend.
Based on my analysis using the Relative Strength Index (RSI), I identified that WLD may experience further price declines as its downward trend continued.
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2024-05-13 12:07