Worldcoin [WLD] has witnessed a significant surge in the past 24 hours, reaching its highest point in 5 months. Within the last month, WLD has surged from a low of $1.5 to a peak of $3.06.
At the time of this report, Worldcoin was trading at $2.88, marking a 14.36% increase in the past day. Furthermore, the altcoin has shown gains on both weekly and monthly charts, rising by 26.27% and 38.18% respectively.
Despite this price rise, WLD remains around 75.7% below its all-time high of $11.82. Current market conditions raise queries about the potential for a sustained upward movement for Worldcoin.
These recent upticks have garnered attention from analysts who are discussing the trajectory of this altcoin. Notably, prominent crypto analyst Ali Martinez has forecasted a continued rally towards $4.
Is a Rally Likely for WLD?
According to CryptoCrypto’s analysis, WLD is currently experiencing a robust upward momentum amid bullish market sentiment. This could set the stage for further price gains for the altcoin.
Worldcoin’s open interest has surged to reach a new all-time high of $433.9 million in the last 24 hours. An increase in open interest indicates that new positions are being initiated, typically signaling heightened buying pressure and market dominance by buyers.
Furthermore, the number of large transactions for Worldcoin has risen by 55.56% in the past day, climbing from 90 to 140. This surge indicates high activity among whales, suggesting that significant holders are actively participating in this price surge.
This heightened level of engagement is not restricted to whales alone but encompasses all participants, as evidenced by the spike in daily active addresses.
The number has peaked at an eight-month high of 1.5k. A surge in active addresses suggests that the price surge is backed by strong demand, adoption, and interest.
Moreover, Worldcoin’s Exchange flow balance has dipped into negative territory, indicating a net outflow of WLD tokens from exchanges.
A negative exchange flow typically signifies that investors are accumulating WLD for the long term, displaying confidence in the asset’s future performance and reducing the likelihood of immediate sell-offs.
In summary, Worldcoin is currently riding a bullish trend, positioning WLD for further upward movement on price charts.
If the current market conditions persist, WLD is likely to challenge the $3.24 resistance level, which has previously led to several rejections. A breakthrough at this point could propel the altcoin towards $3.89.