- WLD’s price has fallen by more than 5 percent in the last day.
- Technical indicators tended to indicate that prices would rise in the near future.
Worldcoin [WLD] In the past few hours we have seen a correction of the price, pushing the token back towards the support.
WLD is retesting a bull pattern, so the decline in price might not be permanent.
Worldcoin turns bearish
Investors didn’t have the best week last week, with the token price dropping by more than 4%. The token value dropped by over 5.5% in just 24 hours.
Most of the decrease occurred in just the last couple hours.
As per CoinMarketCapThe token traded at $5.55, with a capitalization over $1.17billion. This bearish market action affected the sentiment of the token.
AMBCrypto analyzed Santiment’s Santiment Data and found that sentiments towards the token declined last week.
While negative sentiment about Worldcoin spiked several times, it suggested that investor confidence was declining in WLD.
Santiment
This bearish trend may not last for long. World Of Charts is a popular cryptocurrency analyst who recently published a tweet WLD recently broke from a bull pattern.
WLD may have been retesting its support, which could explain the current trend in price. The token’s value could soon reach $18 if it manages to test its support successfully.
Can a trend be reversed?
AMBCrypto analyzed WLD on-chain metrics in order to determine whether the price of WLD could be positive anytime soon. Worldcoin’s trading volume has decreased throughout the week.
Price drops and volume declines often indicate that the current bearish trend may be short-lived. Some metrics, like the MVRV, continued to be bearish.
This means that the number of new addresses created to send tokens has decreased.
Santiment
AMBCrypto examined the WLD daily chart in order to understand where it is headed. According to our analysis, WLD’s Chaikin money flow (CMF), a measure of the token’s value has increased.
The Money Flow Index (MFI), which shows a similar trend, also indicates a trend reversal.
Click Here to Read Worldcoin’s [WLD] Price Prediction 2024-25
The price of the token was based on its Exponential Moving average (EMA) for 20 days. WLD must test this support level in order for a bull run to commence.
The Relative Strength Index (RSI), however, suggested that the WLD could continue to lose value even as its price went down.
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Source: ambcrypto.com
