Worldcoin Sees a Drop of 10.96% to $1.85, Triggering Speculation of a Potential Recovery
As of the current moment, Worldcoin [WLD] was valued at $1.85, registering a decrease of -10.96% in the last 24 hours, according to Coingecko. The trading volume in the past day amounted to $434,172,556, indicating active engagement despite the ongoing downward movement.
The price trajectory has been distinctly bearish, showing a pattern of lower highs and lower lows while remaining under a descending trendline.
The next crucial support level is positioned around $1.54, where significant selling pressure exists, making it a pivotal point to observe.
Crucial Levels to Monitor During Worldcoin’s Downtrend
Technical indicators have identified important resistance levels that could hinder any potential price recovery.
The Fibonacci retracement levels at $2.02 (0.236), $2.58 (0.382), and $2.88 (0.5) might serve as barriers in case of price rebounds.
Within the current bearish climate, the gap in Fair Value between $3.00 and $3.50 appears to be a distant target.
The Bollinger Bands (20) indicate decreasing volatility, with the price nearing the lower band at $1.8074, hinting at probable oversold conditions.
If a recovery is attempted, the middle band at $2.1860 could pose as a significant resistance level.
Market Sentiment and Analytical Indicators
Analysis from the Directional Movement Index (DMI) reveals a weakening bullish momentum, with the +DI standing at 14.93 below the -DI at 16.41 and an ADX value of 23.65, suggesting a mild bearish trend.
An increase in the ADX beyond 25 could indicate heightened selling pressure in the short term.
The Relative Strength Index (RSI) currently sits at 38.28, below the neutral mark of 50, reflecting a bearish sentiment.
A decrease towards 30 in RSI levels might signal oversold conditions, presenting a potential opportunity for buyers to enter the market.
Significant Transactions and Address Activity
Data provided by IntoTheBlock illustrates fluctuations in large transactions, with a peak of 250 transactions observed in early December.
Transactions have stabilized over the last week, ranging from a low of 20 transactions on January 15th to a high of 79 transactions on January 20th.
In the most recent 24-hour period, there were 79 transactions recorded, hinting at renewed interest.
The average number of active addresses over 30 days stands at 34.97k, with a low of 34.16k on December 22nd and a high of 35.76k on January 19th.
The upward trend in cumulative addresses, represented by the pink line, demonstrates consistent user involvement despite fluctuations in price.