After breaking the declining trendline, Worldcoin prices rise
A descending trendline breakthrough for Worldcoin price is optimistic.
On-chain statistics shows WLD's daily active addresses rising, indicating blockchain use.
The Exchange Flow balance shows WLD tokens leaving exchanges and supply dropping.
A daily candlestick closing below $1.75 would disprove bullishness.
Worldcoin (WLD) price confronts a declining trendline on Thursday; a breakthrough is positive. On-chain statistics shows WLD's daily active addresses rising, indicating blockchain use. WLD may gain in the next days as Exchange Flow balance shows tokens leaving exchanges and Supply on Exchange dropping.
Worldcoin price may rise.
Current Worldcoin price is challenging the declining trendline, which was resistance. This trendline joins swing highs from early May to mid-July, and a breakthrough is bullish.
WLD might climb 30% to retest weekly support at $4.20 if it breaks above the falling trendline and closes above $3.03.
On the daily chart, the RSI is over 50 and the AO is approaching it. If bulls are making a return, both momentum indicators must stay above their mean levels. Such such event would boost the recovery rally.
In the previous three days, WLD's Daily Active Addresses increased 73%. This is WLD's largest growth since mid-March, indicating rising demand for its blockchain, which might boost Worldcoin's price.
WLD's Exchange Flow balance dropped from -125,250 on July 13 to -426,720 on July 17, coincident with a 56% price increase. This negative growth suggests investor purchasing.
This incident saw WLD Supply on Exchanges drop 12% from 47.74 million to 42.02 million, indicating investor confidence in WLD.
Despite on-chain measurements and technical analysis pointing to an optimistic prognosis, Worldcoin's price closing below $1.75 would undermine the bullish thesis. WLD's price might drop 20% to retest its next daily support at $1.40.
