- Worldcoin trades at $2.96, losing over 18% in the last 24 hours.
- WLD’s daily trading volume has surged by over 230%.
The crypto market woke up to the bearish call today, with all the assets priced in red. The global market cap has plunged over 5.45% to $3.44 trillion in the last 24 hours. However, Worldcoin (WLD) has been one of the losers, experiencing a strong downtrend by losing over 18.87%.
Notably, Worldcoin’s bearish turn leads to significant price drops. The asset faced a steep correction from the $3.65 mark to $2.64. At the time of writing, Worldcoin trades at $2.96 with its market cap reaching $2.23 billion, as per CMC data.
Furthermore, the market has observed a $14.33 million worth of Worldcoin liquidation during this timeframe. In the meantime, the asset’s daily trading volume stays at $1.38 billion.
Worldcoin price has marked a steady decline over the past seven days, dropping by over 12.70%. WLD began the week trading at $3.37, after which prices began climbing, and the weekly high is observed at $4.
At the same time, a whale withdrew 1.242 million WLD value at $3.48 million from OKX during the price drop. This increased the total holdings to 2.69 million WLD worth $7.52 million. In under 2 months, the whale has made a profit of $878K.
Will Worldcoin Continue to Drop?
The four-hour pricing diagram of WLD clearly shows the ongoing downside correction. If this declining momentum persists, the asset might find support at $2.71. However, a further drop toward the $2.50 mark could signal a steeper correction for Worldcoin.
Looking ahead, a shift in the current market trend could lead WLD to breach the $3 mark. It will likely nullify the bearish outlook and potentially push past the asset’s price toward $3.20. This break would suggest a renewed bullish phase, setting up for further gains.
Inferring the technical chart of Worldcoin exhibits the Moving Average Convergence Divergence (MACD) line below the signal line. This crossover indicates the market’s downside pressure and hints at the asset’s selling pressure.
WLD chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator is settled at -0.11, suggesting a negative money flow, and the sellers in the market are stronger than buyers. Meanwhile, the asset’s daily trading volume has increased by over 230%.
Moreover, the current market sentiment of Worldcoin is found in the oversold territory, as the daily relative strength index (RSI) is positioned below 30 at 28.10. The daily frame of WLD reveals the short-term 9-day MA below the long-term 21-day MA.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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