Worldcoin Sees Significant Uptrend as Whales Accumulate
Worldcoin (WLD) has experienced a substantial surge in its price over the past week, with a 26.20% increase in weekly charts and a 7.83% rise in daily charts. At the time of writing, WLD was trading at $2.637, with its trading volume surging by 145.90% to $705.1 million.
Whales Accumulate Bitcoin
Market indicators suggest that increased whale accumulation is driving Worldcoin’s uptrend. According to IntoTheBlock data, whale activity has surged by 593.3% over the past day, with a rising number of large transactions increasing from 15 to 104. This surge in whale activity is often indicative of either selling or accumulation.
Large Holders’ Netflow Indicates Buying Activity
Further analysis reveals that large holders’ netflow has surged from 603.68k to 6.16 million over the past day, indicating that whales are actively buying WLD. This significant capital inflow from whales into the asset suggests that they are bullish and expect WLD to make further gains.
Can WLD Sustain its Gains?
The prevailing market conditions position WLD for more gains on its price charts. Worldcoin’s Stoch has made a bullish crossover over the past day, indicating strong momentum to the upside. Additionally, the altcoin’s price DAA divergence has remained positive over the past seven days, indicating strengthening fundamentals and increased network adoption.
Undervalued Asset Presents Buying Opportunity
Currently, WLD’s MVRV Ratio is in the negative zone at -15, suggesting that the asset is undervalued. Historically, a negative MVRV ratio presents a buying opportunity, allowing investors to acquire the asset at lower prices. As buyers enter the market, prices tend to recover from these levels, driven by increased demand.
Conclusion
In conclusion, Worldcoin is experiencing positive sentiments from retail traders and whales, positioning the altcoin for further gains. If this trend continues, WLD could reclaim $3 and attempt $3.2, where it has faced multiple rejections. Conversely, a trend reversal could see a drop to $2.3. With bullish conditions prevailing in the market, investors are advised to monitor WLD’s price movements closely.
Source: Ambcrypto.com
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