Worldcoin [WLD] has demonstrated notable resilience since it successfully tested the $0.22 support level a week ago. With the overall crypto market showing signs of recovery, Worldcoin has experienced a significant increase in upward momentum. Notably, WLD bounced back from a low of $0.26 and surged to a monthly high of $0.31.
Currently, Worldcoin is trading at $0.30, marking a 14% increase on the daily chart. During the same period, its market capitalization has crossed the $1 billion mark, indicating renewed investor interest.
Worldcoin’s Rebound Amidst Resurging Whale Activity
Despite the heightened market volatility, large WLD whales have reentered the market. Data from CryptoQuant’s Average Order Size metric revealed significant whale orders in the past week, particularly around the $0.26-$0.29 price range.
This surge in whale activity has coincided with a period of relative market stability, suggesting that these whales have been actively accumulating WLD tokens. The Spot Taker CVD indicator has remained in the green, reaching a monthly high, indicating strong buying activity in the spot market.
As a result of this accumulation, a strong demand zone has been established between the $0.26 and $0.29 levels. Typically, when whales accumulate tokens, the reduced supply increases scarcity, leading to a strengthening of the bullish momentum.
Additionally, recent exchange activity has reinforced the accumulation trend. Over the past week, there has been a net outflow of $122 million in WLD from exchanges, compared to $117 million in inflows. This trend persisted at the time of writing, with $29.57 million flowing out of exchanges.
Historically, sustained demand on the spot side has bolstered the bullish momentum, leading to further price appreciation.
Is Worldcoin’s Bullish Momentum Sustainable?
Worldcoin has continued its upward trajectory, driven not only by broader market dynamics but also by the growing demand from whales. The Positive Index (+DI) for WLD has risen to 26, while the Average Directional Index (ADX) has climbed to 20. With +DI positioned above ADX, the signal points to strong bullish momentum. Market conditions remain bullish, with the Negative Index (-DI) at just 10, indicating weak bearish pressure.
After a prolonged period of weakness, selling pressure has diminished significantly.
Furthermore, the Stochastic RSI has entered overbought territory at 95, confirming strong buying pressure. These momentum indicators collectively suggest a high probability of the bullish trend continuing.
Therefore, if whale accumulation of WLD persists, we could see further market gains, with targets at $0.32 and potentially $0.36. However, a decisive close above $0.30 is essential to validate this bullish scenario; otherwise, WLD may retreat to $0.23.
Final Summary
- Worldcoin has surged by 14%, surpassing the $0.30 mark and reaching a monthly high of $0.31.
- The upward movement of WLD has been bolstered by increased whale accumulation.
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