Worldcoin [WLD] has witnessed a significant upward movement in the past week, with its value jumping from $1.8 to $2.8 during this period.
Currently, the trading price of Worldcoin stands at $2.637, reflecting a notable 26.20% surge in the weekly charts.
Moreover, on a daily basis, the altcoin has continued its bullish trajectory, registering a 7.83% increase. Alongside this growth, the trading volume has seen a remarkable spike of 145.90% to reach $705.1 million.
The recent surge in price prompts an exploration into the driving factors behind this rally and the potential sustainability of Worldcoin’s upward trend.
Factors Influencing Worldcoin’s Bullish Momentum
An analysis by CryptoCrypto suggests that an uptick in whale activity is a key driver for Worldcoin’s current performance. Data from IntoTheBlock reveals a staggering 593.3% surge in whale activity within the last day.
This surge is evident in the increased number of significant transactions, which have surged from 15 to 104. A rise in whale activity often indicates either selling pressure or accumulation strategies.
Moreover, the spike in large holders’ netflows from 603.68k to 6.16 million over the past day suggests active buying of WLD by whales, indicating their bullish outlook and anticipation of further price appreciation.
Can Worldcoin Sustain its Gains?
The increased accumulation by whales signals positive market sentiment, setting the stage for continued gains in Worldcoin’s price trajectory.
Key technical indicators, such as the bullish crossover in Worldcoin’s Stoch over the last day and the positive DAA divergence in its price over the past week, reinforce the optimistic outlook for the altcoin.
Additionally, the altcoin’s MVRV Ratio currently stands at -15, indicating an undervalued state where holders are in a loss position. Historically, a negative MVRV Ratio has often presented an opportunity for investors to purchase assets at lower prices, leading to subsequent price recoveries fueled by increased demand.
In conclusion, Worldcoin is currently benefitting from positive sentiments among both retail traders and whales. With favorable market conditions in place, the altcoin appears poised for further growth.
If the current momentum persists, Worldcoin could target reclaiming $3 and possibly breaking the $3.2 resistance level that has previously posed challenges. Conversely, a reversal in trend may see a retracement towards $2.3.