- Well, it seems the price action is tiptoeing toward some critical levels, hinting at a possible breakout toward $2.80. Ain’t that a sight for sore eyes?
- With active addresses rising like a loaf of bread in a warm oven, it appears retail interest is cooking up nicely, and market support is on the rise!
Now, Worldcoin [WLD] was trading at a humble $1.26, up a sprightly 3.50% at the time of this writing, and it finds itself at a most critical juncture in its price action.
As the price approaches the middle of a descending channel, one can’t help but wonder if it’s about to break free or continue its downward waltz. The suspense is thicker than molasses in January!
With key levels of support and resistance coming into play, traders are watching with bated breath to see if this asset can muster the strength to break higher. If it does, we might just see WLD target prices as high as $2.80, which would be a bonanza for those holding the bag!
Key levels to watch: Can WLD break its downtrend?
Over the past few weeks, the price action has been confined tighter than a cat in a sack, with key levels forming at both the top and bottom of the range.
The immediate support huddles around the $1.25–$1.30 zone, and if WLD can hold this level, it might just trigger a bullish move. But breaking above the $1.35–$1.50 resistance range is as critical as a cat’s nine lives if it wants to open the path toward higher targets. If it breaks through, the next levels to keep an eye on are $1.65, $1.95, and potentially $2.80.
WLD’s rising addresses suggest…
Worldcoin’s network has been buzzing like a beehive, with Active Addresses rising by a whopping 45.05% over the past week. New addresses have surged by 106.98%, indicating that folks are taking a keen interest in this project.
This sharp increase in activity is generally a bullish signal, suggesting that demand for WLD is growing faster than a weed in a garden.
If this momentum keeps up, we might just see a breakout, with more traders and investors flocking to the network like moths to a flame.
How are market participants reacting?
Transaction statistics provide a window into the current market sentiment for WLD. Despite the price downtrend, smaller transactions are showing significant activity, with the $0.00–$1.00 range seeing a massive 300% increase. Looks like the little guys are getting in on the action!
On the flip side, larger transactions, particularly in the $10M–$100M range, have taken a nosedive by 64.58%, suggesting that the big fish are swimming away for now.
Nevertheless, the strong retail participation suggests that Worldcoin may have the support it needs for upward movement if the breakout happens. Fingers crossed, folks!
Is a short squeeze on the horizon?
WLD’s Liquidation heatmap reveals a significant amount of liquidation activity at the $1.26–$1.30 price level. If the price continues to move upwards from here, additional short positions may be liquidated, which could trigger further price volatility. Hold onto your hats!
This could result in a short squeeze, accelerating upward momentum faster than a jackrabbit on a date. Therefore, the price action around this level is crucial, and traders should be alert to any signs of rapid price changes, which could indicate the start of such a squeeze.
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2025-02-23 19:08