Whales are interested, why hasn't WLD managed a breakout yet?

Earlier this week, as Bitcoin and the broader cryptocurrency market rebounded, #Worldcoins also showed activity. However, at the time of writing, $WLD has pulled back 0.35% to $1.98, after having recaptured some gains. Despite the price fluctuations, on-chain indicators suggest that WLD is at a critical point where a trend reversal could occur.

Increase in whale activity

Whale activity around Worldcoin has significantly increased. In just 24 hours, the volume of large transactions of WLD tokens, worth over $100,000, skyrocketed from $9.98 million to $77.78 million, a 600% increase. Whale activity could play an important role in breaking the bearish trend of WLD, as whales account for 84% of the Worldcoin supply. For WLD to rebound due to whale activity, this group needs to continue buying tokens. From the relative strength index (RSI) on the daily chart, it currently sits at a neutral level of 50, indicating that sellers and buyers have equivalent control. However, the RSI line is above the signal line, suggesting that bullish momentum is increasing. Meanwhile, the value of the Chaikin Money Flow (CMF) is 0.05, indicating buying activity. However, additional buying pressure is required to further strengthen the upward trend. If this upward trend continues, $2.35 will be the current resistance. Traders should also be aware of the liquidity trap at $2.65, where uncollected liquidity below this price could drive the price up like a magnet. But if the bullish trend fails due to a lack of sufficient buying pressure, WLD could drop to the support level of $1.58.