- The price of WLD has fallen more than 5% in the last 24 hours.
- Most technical indicators hinted at a future price rise.
World Coin (WLD) A price correction has been witnessed in the past few hours, pushing the token towards support levels.
But there is more to the story, and the price decline may not last as WLD is retesting its bullish pattern.
Worldcoin turns bearish.
Last week was not the most profitable for investors, as the token price fell by more than 4%. The situation worsened with the token’s value plummeting by more than 5.5% in the last 24 hours.
Most of the decline occurred in the last few hours alone.
According to CoinMarketCap, the token was trading at $5.55, with a market capitalization of over $1.17 billion. The bearish price action had a negative impact on market sentiment for the token.
AMBCrypto’s analysis of Santiment’s data shows that positive sentiment towards the token has declined over the past week.
Meanwhile, negative sentiment towards Worldcoin has spiked several times, suggesting investor confidence in WLD is waning.
Source: Santiment
However, this bearish trend may not last long. Renowned cryptocurrency analyst World Of Charts recently posted the following: Twitter We highlight that WLD broke out of its bullish pattern a few days ago.
The current price trend may be due to WLD retesting support. If the token successfully tests support, its value could soon soar up to $18 in the coming weeks.
Is a trend reversal possible?
AMBCrypto then analyzed WLD’s on-chain indicators to determine the likelihood that the token price would turn positive again at any time. We have noticed that Worldcoin’s trading volume has been decreasing throughout the past week.
A falling price coupled with decreasing volume often suggests that a downward trend may not last long. However, some of the other indicators, such as the MVRV ratio, continued to trend downward.
Network growth also declined. This means that fewer new addresses are created to transfer tokens.
Source: Santiment
AMBCrypto then looked at WLD’s daily chart to get a better understanding of which direction the token’s price was heading. Analysis shows that the token’s Chaikin Money Flow (CMF) is on the rise.
A similar increasing trend was seen in the Money Flow Index (MFI) graph, suggesting a trend reversal.
read World Coin (WLD) Price Prediction 2024-25
Token prices were based on the 20-day exponential moving average (EMA). To start a bull market, it is important for WLD to test that support.
However, the Relative Strength Index (RSI) suggested that the value may continue to decline as WLD declines.
Source: TradingView