Within the last 24 hours, Worldcoin [WLD] has witnessed a significant increase, hitting its highest point in 5 months. Over the previous month, WLD rose from a low of $1.5 to a peak of $3.06.
Presently, Worldcoin is being traded at $2.88. This represents a 14.36% surge in the past day. Furthermore, the altcoin has shown increases on weekly and monthly charts, with gains of 26.27% and 38.18% respectively.
Despite the recent price surge, WLD is still around 75.7% lower than its all-time high (ATH) of $11.82. This has raised speculations about whether Worldcoin is gearing up for a persistent uptrend.
Consequently, the recent upsurge has sparked discussions among analysts regarding the trajectory of the altcoin. Notably, well-known crypto analyst Ali Martinez has forecasted a sustained rally towards $4.
Is a Rally in Worldcoin’s Future?
According to CryptoCrypto’s analysis, WLD is currently experiencing a robust upward momentum amidst positive market sentiment. This suggests that the prevailing market conditions could set the stage for further gains in Worldcoin’s price.
Worldcoin’s open interest has notably surged to reach a new ATH of $433.9 million in the past 24 hours. An increase in open interest indicates the initiation of new positions by investors, typically signaling heightened buying pressure and dominance by buyers in the market.
In addition, the number of large transactions involving Worldcoin has increased by 55.56% in the last 24 hours, rising from 90 to 140. This surge in whale activity indicates active participation by large holders in the ongoing price rally.
Moreover, this high level of engagement is not limited to whales alone but extends to all participants, as evidenced by the spike in daily active addresses.
Worldcoin has recorded an 8-month high of 1.5k active addresses. A surge in active addresses suggests that the current price rally is backed by strong demand, adoption, and interest.
Lastly, Worldcoin’s Exchange flow balance has decreased to a negative value, indicating a higher outflow of WLD tokens from exchanges compared to inflow. This negative exchange flow signifies that investors are accumulating WLD for long-term holding, showcasing confidence in the asset’s future performance and decreasing the likelihood of immediate sell-offs.
In essence, Worldcoin is currently riding a bullish wave, positioning WLD for further price gains.
If the existing market conditions persist, WLD will target the $3.24 resistance level, a point where it has encountered several rejections. A successful breakout past this point could propel the altcoin towards $3.89.