The world currency appears to be rebounding from a key support level, sparking discussions about its potential to hit $8 again.
Recent on-chain analysis provides a comprehensive perspective on WLD’s trajectory, highlighting the token’s resilience and the growing optimism within the community.
As the total number of holders increases, the Worldcoin network is also growing, which shows that the development of the coin is progressing steadily.
The network growth graph shows the typical volatility in the dynamic crypto market. Despite some volatility, the underlying trend shows steady growth over a longer period of time. Recently, the price has fallen from the all-time high of $12 on March 11, resulting in some corrections.
Network growth represents the number of new addresses created on the network each day. Currently, the network growth rate remains around 103 and seems to be stable within this range.
It is worth mentioning that the total number of WLD holders continues to grow. This continued growth reflects the enduring confidence in the potential of Worldcoin and the user base's commitment to its long-term value. As of April 10, the total number of holders has reached 19,449, an increase from 17,218 a month ago.
The global inflow/outflow (GIOM) data for WLD provides a more compelling perspective. More than half of current holders hold WLD “in the money”, meaning they purchased it at a price significantly higher than the current market price. The key resistance comes from “out of money” holders, 2,150 of whom hold 6.3 million WLD, with the average purchase price of these tokens being $7.23.
In addition, 996 addresses hold 12.38 million WLD at an average purchase price of $5.31, and this price range has become a strong support area for prices.
WLD price trend: the key battle is in the $7 range
WLD's price action is still playing out in key areas, and technical indicators clearly show the fierce struggle between bears and bulls. After falling below the 20-day moving average (orange line), WLD is currently still hovering below the 50-day exponential moving average (yellow line). The exponential moving average puts more emphasis on recent price changes and is an important tool for evaluating trend direction in different time frames.
In addition, the relative strength index (RSI) is above 40, indicating that bearish pressure has not yet reached oversold levels. Meanwhile, the moving average convergence and divergence (MACD) formed a bearish crossover, echoing this sentiment.
Currently, the price seems to be showing some signs of gains and has moved up to $7. However, to push the bulls towards $8, flipping the 20-day EMA is crucial. However, if WLD fails to sustain the buying pressure, the bears may pull the price back to the critical support below $6, invalidating the bullish price action.
