- According to the data, the exchange witnessed an outflow of WLD worth $20.2 million.
- If Worldcoin stays above the $2.5 level, it could rise 30% in the future and reach the $4 level.
Worldcoin (WLD) is receiving a lot of attention from cryptocurrency enthusiasts thanks to its recent breakthrough and impressive upward momentum. This breakthrough not only attracted investors, but also caught the attention of whales and institutions, according to a report by on-chain analytics firm IntoTheBlock.
Worldcoin massive trading volume increases 252%
According to data from IntoTheBlock, WLD’s large trading volume has surged 252%, indicating growing confidence among whales and institutions.
However, this sharp increase in trading volume was observed during a period when market sentiment across the cryptocurrency landscape was unpredictable due to notable fluctuations in asset prices.
Additionally, Coinglass’ WLD spot inflow/outflow data shows that exchanges continue to experience significant WLD outflows. In the last 48 hours, the exchange recorded a significant outflow of WLD worth $20.2 million.
Source: Coinglass
The term “outflow” refers to the movement of assets from an exchange to a wallet, indicating that long-term holders are withdrawing their tokens. Continued outflows on these exchanges suggest a bullish trend, hinting at potential upward momentum and presenting lucrative buying opportunities.
In addition to the growing interest from whales and institutions, traders also appear to be optimistic, according to a report from Coinglass. WLD’s long/short ratio is currently at 1.05, indicating strong optimism among traders.
At press time, 51.25% of WLD’s top traders hold buy positions and 48.75% have sell positions.
Worldcoin technical analysis and key levels
However, this notable interest from industry giants follows a pattern of bullish price action.
According to AMBCrypto’s technical analysis, WLD has been bullish recently, bouncing off the $2.5 support level and forming a bullish candlestick pattern on the daily time frame.
Source: TradingView
The recent price action makes it likely that WLD will surge 30% in the coming days and reach the $4 level. However, this bullish argument only holds true as long as the token is trading above the $2.5 level, otherwise it may falter.
Realistic or not, the market cap of WLD in BTC terms is:
On the positive side, WLD’s Relative Strength Index (RSI) is currently sitting at 52, below overbought territory, indicating that the token has ample room for significant upside ahead.
At the time of this writing, WLD is trading near $3.08 and has recorded a price decline of 3.3% in the last 24 hours. During the same period, trading volume decreased by 30%, showing that the participation of traders and investors was lower than the previous day.