- WLD price initiated a sharp bounce of over 10% and is eyeing a trend reversal.
- Bears have looked trapped and covered their short positions.
The Worldcoin (WLD) price has showcased a major turnaround and reverted from the bottom mark of $2.50.
Since March 2024, it has been in a downtrend. It has lost over 70% of its gains till now. Meanwhile, the token looks oversold and might see a possible rebound in the next sessions.
Yesterday’s sharp bounce in the token price over 10%, trapping sellers. The token is might reclaim the 20 day EMA mark. Currently, the token is in the downside trajectory and needs to hit the $4 mark.
For more than two months, WLD was in a closed range and witnessed a range breakdown this month. Until the token retains the $4 mark, the token will remain in a downtrend, and if it manages to hold above it, the trend will be reversed.
At press time, WLD price was trading at $3.14 with an intraday surge of 14.36%, reflecting buying momentum on the charts. It has a monthly return ratio of -38.20% and 1990.20% yearly, reflecting short term weakness.
The pair of WLD/BTC is at 0.0000474 BTC, and the market cap is $229.08 Million. Analysts are neutral and suggest that the WLD price may register a range breakout and retain the $4 mark.
Is WorldCoin (WLD) a Safe Buy Now?
Amidst the market volatility, Worldcoin (WLD) price was past its correction phase and might stretch the pullback ahead. Once WLD price breaks and closes above the $4 mark, it might reclaim strength.
After a follow-on lower low structure, the token has made a morning star at the bottom and sharply turned back with a bullish marubozu candlestick.
Source: Santiment
The technicals are indicating that the token has finally escaped out of sellers’ control and buyers have begun accumulating. Interestingly, if the token gains follow on buying momentum, it may reach $4 mark within this week.
Worldcoin has a correlation with DOGE and SHIB, if these memecoins trigger a bullish move, WLD will surely see a potential up move ahead.
Price Volatility and Weighted Sentiment Data Reveals Neutrality
Per the Santiment data, its volatility curve saw notable fluctuations and signified a change over 12% in yesterday’s session, reflecting a drop in the selling pressure.
Source: Santiment
Meanwhile, the weighted sentiment data revealed a positive change over 5% and reclaimed the neutrality.
If the token reverts below $3 mark, the downside may continue ahead, otherwise, the token will replicate a vertical spike in the coming sessions. Ranked at 104, the token has a total supply value of 10 billion and has a volume to market cap of 0.299.
The momentum oscillators have turned positive and highlighted a noteworthy reversal candidate to go long ahead.
The RSI curve reverted from the oversold region to the midline region and witnessed a positive crossover on the charts.
Social Metrics and Development Activity Overview
Its social metrics have guided a noteworthy setback, the social dominance curve pumped over 22% to 1.20, while the X followers’ data stayed flat.
While the development activity data stayed close to the midline region and signals a positive development outlook.
A tweet by @Top Gainers Today mentioned in his tweet that, WLD looking very strong at that moment in daily and weekly timeframe. Also, it can go above $10 again in the next few trading sessions.
$WLD looking very strong at that moment in weekly timeframe $WLD can go again above $10 🚀✍️
— TOP GAINER TODAY (@RoccobullboTTom) June 20, 2024
Already i shared in my premium group ✅ pic.twitter.com/Ws0tJpfM3E
Source: X
Futures OI Data Outlook
The futures OI data replicates a fresh bull accumulation and the long buildup activity.
The open interest data witnessed a surge of over 8.27% to $136.41 Million in the last 24 hours, revealing the long buildup activity.
WLD Defied Selloff: Right Time to Buy?
Amidst the downtrend, the Worldcoin (WLD) token has picked buying momentum and sharply turned back from the bottom. If the token succeeds to attain follow-on gains, it may outperform in the upcoming sessions.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
