Worldcoin [WLD] launched its ID verification product for banks and financial firms on the 18th of October. The suite, unveiled at the Money20/20 conference by World cofounder Alex Baina, combines three existing products to help institutions combat deepfake fraud and AI-driven impersonation.
Worldcoin has seen a 17.44% rally from its recent low of $0.4565. AMBCrypto emphasized the significance of the $0.46-$0.47 demand zone in a recent report.
The positive response from this zone, coupled with the bullish structure on higher timeframes following the June rally to $0.723, could give short-term traders some optimism.
WLD short-term sentiment turns bullish once again
In the last 24 hours, WLD has surged by 5%, with a 54.2% spike in daily trading volume and a 23% rise in Open Interest. The altcoin’s price has challenged the local high of $0.55 from the previous Friday.
The increase in Open Interest was accompanied by rising funding rates, indicating a greater willingness among speculators to go long. However, the spot CVD has not started to rise, indicating weak spot demand.
The liquidation heatmap indicates that the key magnetic zones are at $0.52 and $0.55. While a significant portion of short liquidations around $0.54 has been cleared, there is another cluster at $0.555-$0.563 that could be targeted next.
It remains uncertain whether a move higher will face resistance or lead to a breakout. The short-term sentiment in the crypto market leans towards caution.
Traders’ action plan – Monitor the range
Over the past two weeks, Worldcoin has traded within a range of $0.46 to $0.58. Currently, the altcoin is trading above the mid-range level.
The bulls have yet to decisively surpass the $0.55 local highs and propel WLD towards the $0.58 range extreme. The CMF reading stands at -0.02, indicating a lack of significant capital inflow.
The hourly Awesome Oscillator is bullish but suggests a potential pullback. A dip in price to $0.51-$0.52 could present a buying opportunity for traders.
Final Summary
- The 17% surge in Worldcoin price from Sunday’s lows was driven by increased buying volume, particularly late on Monday.
- However, the short-term price action remains range-bound. Overcoming the $0.58 high and the $0.55 local supply zone is crucial to sustain the momentum.
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