Worldcoin hits $4.7: Is a May bull run still on the cards?

  • Worldcoin saw a month of network-wide accumulation.
  • Sentiment amongst holders and on social media was negative.

As a crypto investor with some experience under my belt, I’ve seen my fair share of market ups and downs. And right now, Worldcoin [WLD] isn’t looking too promising.

The price of Worldcoin (WLD) failed to surpass its peak of $6.188 set on the 23rd of April. Instead, it created a new, lesser high at this level for the bulls.

The daily session has not managed to surpass this technical resistance level for closing yet, which is necessary for the market structure to become bullish.

Additionally, WLD encountered setbacks at this stage and was priced at $4.7 as reported. Notably, this price point was near the demand area on the daily chart, which previously served as a resistance level in late 2023.

As a crypto investor, I’ve taken note of AMBCrypto’s previous technical analysis where they identified $6.188 as a resistance level. On both the daily and long-term charts, the trend appeared bearish. The recent 21% price decline further solidified this bearish outlook for lower timeframes.

Negative social sentiment bogs WLD down

Worldcoin hits $4.7: Is a May bull run still on the cards?

As a crypto investor, I’ve noticed that social volume has seen noticeable upticks over the past two months. However, it still pales in comparison to the heightened activity we saw around mid-February. Similarly, development activity has remained steady, but when compared to powerhouses like Solana [SOL] and Cardano [ADA], the level of activity appears quite modest.

Over the past three days, the market sentiment towards WLD has remained negative, signaling waning interest or even pessimism towards the stock since March. Given that WLD’s price trend has been downward and failed to surpass $6.18, bearish feelings have persisted among investors.

Does Worldcoin have significant accumulation in progress?

Worldcoin hits $4.7: Is a May bull run still on the cards?

As an analyst, I’ve observed that despite the bearish price action and negative market sentiment, there has been a steady increase in daily active addresses. This uptrend started around late March, which is an encouraging sign given the volatility in the crypto market at that time.

As a researcher studying the trends of cryptocurrencies, I’ve noticed that the average age of coins held on the Worldcoin network had been increasing in April, indicating a wider accumulation within the network. However, this trend was somewhat reversed over the past two weeks as Worldcoin reached $6.18 and holders chose to cash in their profits.

After attempting to rise above zero, the MVRV ratio unfortunately slipped back into negative territory instead.

Read Worldcoin’s [WLD] Price Prediction 2024-25

Holder sentiment was extremely weak, and the previous attempt to rally was sold off.

In simple terms, the investment trend for Worldcoin may lean towards a bearish market in the near future. However, a potential rebound from the $4 support level could result in a sideways price movement, offering a possible opportunity for long-term optimists to buy at more favorable prices.

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2024-05-20 09:11