- Worldcoin has surged ahead of major altcoins in the last 24 hours.
- AMBCrypto has uncovered the key drivers behind this impressive rally.
As a seasoned crypto investor with a knack for sniffing out trends and analyzing market movements, I find myself intrigued by the recent surge of Worldcoin (WLD). The last 24 hours have seen WLD outpace many major altcoins, a move that has left me scratching my graying beard in surprise.
Worldcoin [WLD] has broken free from nearly two months of bearish consolidation.
Over the past day, it significantly exceeded the critical $2 threshold by a strong 11%, accompanied by a staggering 100% increase in trading volume. This surge left many prominent altcoins trailing behind.
Currently, bulls are confronted with a significant challenge to preserve this price range. In contrast to past endeavors that were stymied by Bitcoin‘s declines, the present mood of positivity seems tangible, paving the way for a possible surge beyond $3.
Most Worldcoin holders are in a loss position
In just a year since its debut, Worldcoin has reached a new high ($11.9) – a milestone similar to Bitcoin’s all-time high ($73K) in March. This financial network aims to grow the largest among its kind.
Notably, WLD exhibited broader user engagement, with an RSI peaking at 94 and a CMF at 40.
As an analyst, my analysis reveals that this surge was primarily fueled by large-scale buyouts, implying numerous holders may now be incurring losses. Interestingly, approximately 4,280 addresses, holding over 1.54 million Worldcoin, bought at an average price of around $8 – a significantly higher figure than the current price of about $2.14.
Source : IntoTheBlock
Despite the current gloomy outlook where breakeven might result in actual losses, it’s probable that these stakeholders will continue to hold onto their assets.
From my perspective as a researcher, it’s worth noting that a potential pullback to the price level of $1.93 might hold a degree of caution. This is because such a move could potentially draw in approximately 4 million units of WLD, suggesting increased liquidity interest in the market.
Traders cashing in on every surge
It’s worth noting that when Worldcoin nears a significant point, it frequently corresponds with an increase in incoming funds the day after.
For example, Around the middle of July, as the bulls tried to prevent a drop, WLD saw a jump of 11% during one trading session. However, an increase in deposits the following day served as a barrier and prevented further growth.
Source : Glassnode
In simpler terms, even a small increase in Worldcoin’s price tends to cause an influx of traders selling their coins, aiming to cash out before any potential upward trend.
Furthermore, during the months of August and September, there was a steady influx of WLD into the exchanges, reaching a high of $2 million.
In the last seven days, Worldcoin has experienced an impressive 30% increase, implying possible third-party intervention that helped alleviate the selling strain.
WLD will breakout if THIS stays in play
In simpler terms, a significant portion – around 83.80% – of the total Worldcoin supply is held by a few large holders, who collectively possess approximately 8.38 billion Worldcoins.
Over the last five days, these whales have accumulated approximately 9 million WLD from various exchanges, with a significant purchase of 6.23 million WLD contributing to this increase, as evidenced by the noticeable drop in the graph.
Source : IntoTheBlock
Read Worldcoin’s [WLD] Price Prediction 2024-25
As reported by AMBCrypto, these forceful withdrawal actions have successfully dampened the demand to sell. It’s worth noting that this recent accumulation occurred concurrently with Worldcoin surpassing the $2 mark, a significant milestone for the cryptocurrency.
In simpler terms, the whales (large investors) seem to be carefully planning their next moves to potentially increase profits, helping Worldcoin (WLD) overcome significant resistance levels. Should this pattern persist, there’s a strong possibility that the price of Worldcoin may surge past its current levels.
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2024-09-27 09:12