Worldcoin’s price has dropped to $2.27, declining by 1% in the last 24 hours. During this period, a total of 5.3 million WLD tokens were transferred from Worldcoin’s multi-signature wallet. The broader cryptocurrency market has been experiencing a downward trend, with major assets retreating to immediate support levels. Over the past 24 hours, the market saw liquidations amounting to $117.25 million.
After moderate gains earlier, Worldcoin (WLD) has resumed its bearish trend amid market volatility, which could further impact its price. Within the last day, WLD peaked at $2.32 and hit a low of $2.19. As of now, it is trading at $2.27, reflecting a 1% loss, and its trading volume has dropped by over 16% to $197 million, according to CoinMarketCap data. CoinGlass reported that $1.45 million in WLD liquidations occurred during this period.
In the past week, Worldcoin’s multi-signature wallet distributed 5.3 million WLD tokens, worth $12 million, to five market makers, including Wintermute, GSR, Flow Traders, Auros Global, and Amber. This move indicates Worldcoin’s effort to increase market liquidity. Since April 29, 2024, a total of 44.9 million WLD tokens, valued at $103.27 million, have been gradually transferred from the Worldcoin Foundation’s cold wallet over six months.
Outlook for Worldcoin: Will the Bearish Trend Reverse? At the time of writing, the four-hour technical analysis of WLD shows that the market sentiment is moving towards a neutral stance, with the daily Relative Strength Index (RSI) at 45. Additionally, the short-term 9-day moving average is below the long-term 21-day moving average, signaling bearish pressure.
The Moving Average Convergence Divergence (MACD) indicator is also below the signal line, indicating a continuation of the current bearish trend. Analyzing the price movement, WLD might decline further to the $2.20 range if the downward pressure persists. However, if WLD can resist the bears, it could test its resistance level at $2.30. Should bullish momentum continue, the price might climb to a high of $2.35.
