Amid the short-term crypto uncertainty, Worldcoin (WLD) price has suffered significant bearish sentiment in the recent past. The mid-cap altcoin, with a difference of over $17 billion between its market cap and fully diluted valuation, has dropped over 84 percent since hitting its all-time high (ATH) around $11.74 in March 2024.
Worldcoin Forms Bullish Sentiment
After hitting a 12-month low of about $1.34, WLD price has been attempting a bullish recovery in the past three months. In the daily time frame, WLD price has been forming a potential inverted double bottom coupled with a rising divergence in the Relative Strength Index (RSI).
Additionally, WLD price in the daily time frame has retested the 50 MA, after successfully breaking out of a macro falling logarithmic trend.
On the Flip-Side
According to on-chain data analysis, Alameda Research, the sister firm for FTX exchange, has been selling its WLD stash in the last two months. As FTX and Alameda Research prepare to distribute up to $16 billion to their customers and creditors in stablecoins, the firms have been offloading their crypto assets in the recent past.
Specifically, Alameda Research has deposited 1.56 million WLD since August 9 in ten batches of about 143k.
Currently, Alameda Research still holds more than 23 million WLD coins, worth over $43 million, which will be sold soon.
Bigger Picture
The Worldcoin project has continued to grow in the recent past and currently has more than 6.8 million registered users on its network. Backed by OpenAI CEO Sam Altman, the Worldcoin project has immense potential to grow exponentially in the future.
Moreover, the Worldcoin ORBs have been legally registered in several countries on different continents led by Europe, Asia, and Africa.
