In the past three days, Worldcoin (WLD) has performed very strongly, soaring from a low of $2 to a high of $3.
Currently, WLD is priced at around $2.30, up 8% in the past 24 hours. This upward momentum is also reflected on the weekly chart, which has risen by 3%.
Prior to this surge, WLD was in a downtrend, with a loss of nearly 32% on the monthly chart. Despite the recent recovery in price, the altcoin is still about 81% below its all-time high of $11.80 set 10 months ago.
The decline provided investors with an opportunity to enter the market at a low price, and the recent price recovery is mainly due to increased buying demand.
WLD Market Sentiment
Analyst Ali Martinez mentioned that he sees a buy signal from the TD Sequential indicator on the daily chart. This signal typically indicates that the market may experience a reversal. As the decline attracts more buyers, WLD may face greater buying pressure, helping to push the price further up.
What does the WLD chart show?
According to our analysis, Worldcoin is currently in a bullish atmosphere and is forming a strong upward trend. This trend is also reflected in the MACD indicator for altcoins, where the MACD fast line is about to cross the slow line, and once the crossover is successful, it means that the upward momentum will further strengthen.
The upward trend is further supported by an advance decline ratio, which has now risen to 1.55, exceeding 1. Generally, when this value is greater than 1, it indicates that WLD's gains are greater than losses, potentially signaling that the market will experience a significant rebound.
Additionally, over the past week, the open contracts for Worldcoin on major exchanges increased from $109 million to $120 million. An increase in open interest typically indicates a strengthening bullish sentiment, with new buyers continually entering the market, driving prices up.
Finally, the price of Worldcoin DAA (Daily Active Addresses) has remained positive over the past week, indicating that more active users are participating. An increase in this metric usually signifies growing network activity and strengthening overall fundamentals, which may eventually reflect in the price. Generally, investors consider this an important signal of a rebound.
What is the future trend of Worldcoin?
Currently, Worldcoin is in a possible recovery phase, and the current market state may encourage altcoins to further rise on the price chart.
If the bullish sentiment continues to support the market, WLD could potentially return to $2.40 in the short term. Once this key point is broken, the price may continue to rise and even challenge the $3 level. Subsequently, the market may experience a correction, and the price could fall back to around $2.