- WLD’s price increased by over 15% in just the last 24 hours.
- Selling pressure was rising, hinting at a price correction.
Worldcoin [WLD] has showcased incredible performance both on its weekly and daily charts. This has allowed the token to reach a previously set target. However, signs have emerged that this rally could halt now.
Worldcoin hits a target
Worldcoin registered double-digit growth in the last 24 hours. Its value surged by over 15%, pushing its price to $3.35 at press time.
The bullish market condition and WLD’s performance has instilled confidence among long term investors.
Per AMBCrypto’s look at IntoTheBlock’s data, the number of investors holding WLD for more than 1-year has increased by nearly 14% in the past 30-days alone.
Source: IntoTheBlock
However, despite the latest price pump, it was interesting to note that only 19.18k WLD addresses were “in the money,” which accounted for 59% of the total WLD addresses.
Will investors take profit?
Meanwhile, Ali Martinez, a popular crypto analyst, tweeted that WLD had reached its target of a head and shoulders pattern, hinting at a possible pullback in the coming days.
This usually happens when investors choose to take profit and exit their positions, which can trigger a sell off. It results in increased chances of a price correction.
Santiment’s charts revealed that WLD’s supply on exchanges increased sharply, while its supply outside of exchange registered a slight decline.
A rise in supply on exchanges means that investors were selling their holdings, which can soon result in a price correction.
However, whales were not actively trading the token, which was evident from the supply held by the top addresses.
Source: Santiment
The token’s Long/Short Ratio also registered a decline in the 24-hour timeframe. This indicated that there were more short positions in the market than long positions — a sign of rising bearish sentiment.
Apart from this, Worldcoin’s technical indicator Chaikin Money Flow (CMF) also suggested an ongoing sell-off. If this sell-off results in price declines, then WLD might find support near $2.9.
A slip under that support could push the token further down to $2.4.
Realistic or not, here’s WLD market cap in BTC’s terms
Nonetheless, if the market sentiment changes and WLD bulls continue to push hard, then the token might as well reach its next resistance at $4 in the coming days.
But for that to happen, WLD must first cross its current $3.6 resistance mark, which it has been testing.
Source: TradingView
