Despite facing a 9.69% decrease over the past month, Worldcoin (WLD) has shown resilience with significant daily and weekly gains. If this upward momentum continues, WLD has the potential to recover its losses for the month and even surpass previous trading levels from August.
Market Data Indicates Bullish Trends for WLD
Recent data from CoinMarketCap highlights WLD’s outperformance compared to other assets, with a notable 6.36% increase in the past 24 hours, earning it the 4th spot on the gainers’ list. The surge in price was accompanied by a remarkable 99.59% rise in trading volume, reaching $199,208,674.
Such increases in both price and volume often signal strong buying interest and positive sentiment among investors. This optimism regarding WLD’s future could impact the demand and price of the altcoin.
Furthermore, CryptoCrypto noted a significant surge in development activity for WLD, spiking by 4960% in the last 30 days. This uptick in development indicates a positive outlook for the token, suggesting continuous project enhancements and updates that boost investor confidence and price.
Notable Rise in Open Interest and Technical Outlook
In addition to development activity, there has been a noticeable 17.31% increase in Open Interest for WLD, indicating growing retail investor interest in holding onto the token.
From a technical perspective, WLD recently broke out of an ascending channel but is currently retracing. This movement could hint at a potential return to the channel with a bearish trend, possibly leading to a downward breakout.
Despite these indicators, two potential scenarios for a price rally exist: seeing WLD hit the target of $1.891 after a reversal or dropping to a support level of $1.434 before rising again.
If WLD falls below the support level, it might continue descending towards the channel’s lower boundary.