- WLD indicated bullish momentum after retesting key trendline support.
- Whale transactions and development activities signaled a potential reversal.
Worldcoin [WLD] has witnessed a dramatic decline that has got investors concerned. As it approaches an all-time low, the question arises — is this is the bottom, or is its long-awaited reversal coming?
Let’s find out –
WLD has been ranging between $6.5 and $4.2 levels for the last two months before breakdown from the $4.2 support level. The price has plummeted by around 21% since its breakdown on the 8th of June.
WLD has retested the trendline support-that has been retested several times-and it is steadily building bullish momentum.
As of writing, CoinMarketCap priced WLD at $3.46, a 6.29% drop in the last 24 hours and a 20.83% drop in the past seven days. Its market capitalization was $834 million.
WLD’s volume surged by 16.03% to $174 million in the last 24 hours.
Source: TradingView
The stochastic RSI (2.70) indicated an oversold zone that could trigger a price reversal if the bullish momentum tightens it muscles.
Is there a glimmer of hope for Worldcoin?
AMBCrypto analyzed Santiment’s whale and development activity data to find out if they backed a reversal or a further dip.
Development activity has been rising steadily, indicating investors confidence in long-term WLD viability.
Whale transactions had several spikes as well, suggesting that large holders might be accumulating as they found a key area to enter the market. This could trigger the price up for a potential reversal.
Source: Santiment
What does liquidation heatmap have to add?
The liquidation heatmap reveals zones of high liquidation level are concentrated at around $4.0, which could act as price magnets and push the prices up.
This suggested that the market had a bullish bias at press time, and that WLD was likely to surge to fill the gaps.
Source: Coinglass
Should you brace yourself?
Despite the overall WLD market bias being bearish, several indicators suggested that we may be nearing a critical reversal point.
Is your portfolio green? Check out the WLD Profit Calculator
The convergence of rising whale activity, sustained development activities, and a retest of the trendline support a potential reversal.
However, if WLD breaks below the support level, the price may dip further.