Worldcoin Retracts After Surging 45% in 24 Hours – What Comes Next?

Worldcoin WLD

Worldcoin, abbreviated as WLD, has been making waves in the cryptocurrency world lately due to its significant price increase and the excitement surrounding AI tokens.

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Just recently, the token surpassed an important milestone by breaking through a crucial level, leading to a substantial increase in its value by double digits.


Worldcoin Surges Amidst Bullish Momentum

Recently, a notable crypto trader known as Scofield took to Twitter to point out Worldcoin’s breakthrough above a significant resistance level. This development ignited another bullish rally for the WLD token. According to data from CoinMarketCap, Worldcoin witnessed a staggering surge of over 45% within just 24 hours.

As of the latest update, Worldcoin is trading at $10.41, boasting a market capitalization exceeding $1.5 billion. This surge catapulted Worldcoin to the 71st position among cryptocurrencies by market cap. Notably, on March 9th, its Social Volume experienced a significant spike alongside an improvement in Weighted Sentiment, indicating a prevailing bullish sentiment among investors.

Source: Santiment

Analyzing Santiment’s data sheds light on the factors supporting this surge. Buying pressure on Worldcoin notably increased, as evidenced by the decrease in its supply on exchanges over the past few days. Moreover, a positive indicator was the surge in whale transaction count, suggesting substantial involvement of major players in Worldcoin trading activities.

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Furthermore, Worldcoin’s Open Interest also witnessed an uptick, signaling a continuation of the concurrent uptrend. These metrics collectively reflect the growing confidence and enthusiasm surrounding Worldcoin within the cryptocurrency market.

Source: Santiment

Assessing Resistance Levels and Momentum Indicators for Worldcoin

Examining Hyblock Capital’s data provides insights into potential resistance levels for Worldcoin (WLD). Following a peak at $11.08, the token experienced a minor correction. Therefore, to sustain its bullish momentum, Worldcoin must surpass this barrier while mitigating significant selling pressure.

Source: Hyblock Capital

Analyzing Worldcoin’s Chaikin Money Flow (CMF) reveals a rebound from the neutral mark, suggesting positive money flow into the token. Additionally, the Moving Average Convergence Divergence (MACD) indicator exhibits a bullish crossover, signaling potential continuation of Worldcoin’s bull rally.

Source: TradingView

However, caution is warranted as the Relative Strength Index (RSI) approaches the overbought zone. Should the RSI enter this territory, increased selling pressure may emerge, potentially leading to a price correction. It’s crucial for Worldcoin to navigate these indicators strategically to sustain its upward trajectory beyond the $11 mark.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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