Worldcoin [WLD] has been attracting significant interest from the cryptocurrency community due to its recent breakout and impressive upward momentum. This breakout has not only caught the attention of investors but has also drawn interest from large holders and institutional players, according to insights from the on-chain analytics provider IntoTheBlock.
Worldcoin Sees a 252% Increase in Large Transactions
Data from IntoTheBlock indicates that the volume of large transactions for WLD has risen by 252%, indicating a growing level of confidence among major holders and institutions.
This surge in trading volume comes at a time when market sentiment in the cryptocurrency space has been uncertain, with notable price fluctuations across various assets.
Furthermore, data from Coinglass on WLD spot inflows and outflows shows that exchanges have been consistently witnessing significant outflows of WLD. Over the last 48 hours, exchanges have seen a substantial $20.20 million in WLD outflows.
The term “outflow” refers to the movement of assets from exchanges to private wallets, suggesting that long-term holders are taking their tokens off the exchanges. This trend of continuous outflows from exchanges indicates a bullish outlook, potentially signaling further upward momentum and creating an attractive buying opportunity.
In addition to the growing interest from major holders and institutions, traders also seem optimistic, as per Coinglass’s data. The current long/short ratio for WLD sits at 1.05, indicating a strong bullish sentiment among traders.
At the time of writing, 51.25% of the top WLD traders were holding long positions, while 48.75% were in short positions.
Analysis of Worldcoin’s Technicals and Key Thresholds
The increased interest from industry players seems to coincide with a bullish price pattern unfolding in the market.
According to the technical analysis by CryptoCrypto, WLD appears bullish, having recently bounced off the $2.5 support level and forming a bullish engulfing candlestick pattern on the daily chart.
Given the recent price action, there is a strong possibility that WLD could surge by 30% and reach the $4 mark in the near future. However, this bullish scenario remains valid only if the token maintains its trading above the $2.5 level; otherwise, the bullish momentum may wane.
On a positive note, WLD’s Relative Strength Index (RSI) currently stands at 52, below the overbought threshold, indicating that there is ample room for significant upward movement in the days ahead.
At the time of this report, WLD was trading around $3.08, experiencing a 3.3% price decline in the last 24 hours. Concurrently, its trading volume dropped by 30% during the same period, signaling reduced activity from traders and investors compared to the previous day.