- Sentiment toward WLD has turned optimistic.
- Most market indicators also pointed to a continued rally.
World Coin (WLD) has been creating a buzz in the cryptocurrency space over the past few weeks thanks to the rising price and hype surrounding the AI token.
Recently, the token has surpassed key levels and recorded double-digit growth.
Decoding Worldcoin’s Rally
Scofield, a famous cryptocurrency trader, recently posted the following: Twitter It highlights the fact that blockchain has surpassed a major resistance level. This breakout allowed WLD to begin another upward rally.
According to CoinMarketCapWLD is up more than 45% in the last 24 hours alone.
At the time of this writing, Worldcoin is trading at $10.41, with a market capitalization of over $1.5 billion, making it the 71st largest cryptocurrency.
Social volume rose on March 9 due to the massive price increase. Weighted Sentiment has also been improved. This means that bullish sentiment towards the token has become dominant.
Source: Santiment
AMBCrypto then looked at other metrics to find what was behind this surge. Buying pressure on WLD has increased, according to Santiment’s data analysis.
This has become clear from the decrease in supply on exchanges over the past few days.
Another positive indicator was the high number of whale trades, suggesting that large players were trading WLD.
WLD’s open interest also rose, indicating that the simultaneous upward trend will continue.
Source: Santiment
Will Worldcoin’s rally last?
AMBCrypto then looked at data from Hyblock Capital to see where WLD may face resistance. I noticed a slight adjustment in the token price after touching $11.08.
Therefore, to sustain the bullish rally, Worldcoin must overcome these barriers while avoiding high selling pressure.
Source: Hiblock Capital
To see if there is a chance of WLD breaking above $11, AMBCrypto checked the daily chart. According to the analysis, Worldcoin’s Chaikin Money Flow (CMF) has rebounded from the neutral point.
Realistic or not, the following is WLD market cap based on BTC
MACD also shows a bullish crossover, indicating that WLD may continue its bullish rally.
However, the Relative Strength Index (RSI) was about to enter overbought territory. If that happens, selling pressure on the tokens will increase, which could result in a price correction.
Source: TradingView