- Worldcoin (WLD) dropped 6.11% to $2.36, with a 35.46% fall in trading volume and a market cap decline to $1.65 billion.
- Technical indicators show weak momentum, with MACD slightly bullish, RSI at 55, and a potential head-and-shoulders reversal pattern.
- WLD’s volume-to-market cap ratio at 32.33% reflects active trading despite reduced interest and bearish price trends.
Worldcoin (WLD) has announced the expansion of its World ID verification program to Panama starting November 27. Despite the development, the market responded with a significant price decline, signaling reduced investor confidence. At the time of writing, WLD traded at $2.36, marking a 6.11% drop over the last 24 hours.
Consequently, this price dip was accompanied by a 5.47% decline in the token’s market capitalization, which now stands at $1.65 billion. Trading activity also showed a sharp decrease, with daily volume falling by 35.46% to $533.21 million. These metrics reflect a combination of declining interest and reduced activity surrounding the token, even as its circulating supply remains at 699.27 million WLD.
Technical Indicators Highlight Mixed Market Signals
Moreover, Worldcoin’s performance on the 24-hour price chart reveals consistent declines, interspersed with brief recoveries. The token began the day at $2.5131 before experiencing increased volatility. Despite these fluctuations, the overall trend has remained bearish.
Additionally, technical analysis offers mixed interpretations of WLD’s trajectory. The Moving Average Convergence Divergence (MACD) indicator hints at slightly bullish sentiment, with the MACD line positioned above the signal line. However, the histogram suggests weak momentum.
Meanwhile, the Relative Strength Index (RSI) is at 55, reflecting neutral-to-slightly bullish sentiment as it avoids both overbought and oversold conditions.
Furthermore, adding complexity to the outlook, analysts have identified a potential bullish reversal pattern in the form of a head-and-shoulders bottom. The formation indicates a possible turnaround, with a head at $1.28 and symmetrical shoulders around $2.18.
Market Sentiment Remains Cautious
However, despite the negative price movement, some analysts view the current conditions as a potential buying opportunity. This sentiment arises from WLD’s performance against Tether (USDT), where the token declined by 6.42% daily, bringing its price to $2.14. However, concerns over the declining volume-to-market cap ratio, now at 32.33%, reflect cautious investor sentiment even with relatively active trading.
Therefore, the broader crypto market remains unpredictable, and Worldcoin’s latest expansion into Panama may not immediately offset bearish sentiment. The ongoing decline underscores the challenge of balancing strategic growth initiatives with market dynamics.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
