- Worldcoin has slipped to $2.27, plummeting by 1% over the past 24 hours.
- Worldcoin’s multi-sig wallet address transferred a total of 5.3 million WLD tokens.
The cryptocurrency market’s recent momentum is on the downside. All the major assets have fallen back to the immediate support levels. Besides, the crypto market has registered $117.25 million in liquidations over the past 24 hours.
Among the fluctuating altcoins, Worldcoin (WLD) has retracted back to its bearish rally after the moderate gains acquired in the past few days. However, the current market volatility might push back the asset’s price. Over the past 24 hours, the asset peaked at $2.32, and its low is observed at $2.19.
At press time, WLD traded at $2.27, losing over 1%. According to CMC data, its daily trading volume has plunged over 16% to $197 million. Consequently, the market witnessed a WLD liquidation of $1.45 million, as per CoinGlass data.
Notably, over the past week, Worldcoin’s multi-signature wallet has distributed 5.3 million WLD tokens worth $12 million to five market makers, including Wintermute, GSR, Flow Traders, Auros Global, and Amber. This indicates the effort of Worldcoin to provide liquidity to the market.
Since April 29, 2024, the WLD tokens have been gradually distributed from the Worldcoin Foundation’s cold wallet. Over the last six months, a total of 44.9 million WLD tokens valued at $103.27 million were transferred.
Will the Bearish Downturn End Soon?
At press time, while evaluating the four-hour technical chart of WLD, the market sentiment is approaching the neutral zone, as the daily relative strength index (RSI) is at 45. Moreover, the asset’s daily frame shows the short-term 9-day moving average below the long-term 21-day moving average.
In addition, the Moving Average Convergence Divergence (MACD) indicator of WLD falls below the signal line, suggesting the current bearish pressure and the incoming bear run.
Analyzing the price structure, Worldcoin’s price might bounce back to $2.24; the bearish pressure will likely trigger WLD to slip further to the $2.20 range. On the other side, if WLD climbs up, overpowering the bears, the asset could test its resistance at $2.30. Worldcoin could hit a high of $2.35 if the upside momentum persists.
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