Worldcoin (WLD) Sees Significant Price Surge Amid Increased Smart Money Accumulation
Worldcoin (WLD) has experienced a notable spike in daily trading volume, driving its price to a new monthly high of $2.55. Over the past 24 hours, WLD has gained 5%, emerging as the market’s top performer during this period.
Whales Accumulate Bitcoin: A Bullish Sign for Worldcoin
The bullish momentum for Worldcoin (WLD) can be attributed to increased smart money accumulation since the start of the year and a broader market bias favoring the altcoin. These factors have set the stage for potential further gains in the near term.
Worldcoin’s Smart Money Index: A Key Indicator of Price Movement
BeInCrypto’s assessment of the WLD/USD one-day chart reveals a steady rise in the token’s Smart Money Index (SMI) since the beginning of the year. As of this writing, the indicator is at 1.91, having climbed 36% since December 31. The SMI tracks the activity of experienced or institutional investors by analyzing market behavior during the first and last hours of trading.
A rising SMI indicates increased buying activity by these investors, signaling growing confidence in the asset. Conversely, a drop in the indicator suggests selling activity from these investors, pointing to bearish sentiment or expectations of price declines. The steady uptick in WLD’s SMI since the start of the year reflects the growing accumulation among its experienced and institutional investors, contributing to its current upward price trend.
Positive DAA Divergence: A Bullish Signal for Worldcoin
The positive readings from WLD’s price daily active address (DAA) divergence highlight the uptick in the token’s market-wide accumulation, driving its current rally. This metric measures an asset’s price movements with the changes in its number of daily active addresses and is currently at 52.73%. A price rally paired with a positive DAA divergence signals bullish momentum, indicating increasing interest and the potential for further price gains.
WLD Price Prediction: Bullish Momentum Could Propel Token to $3.25
On the daily chart, WLD currently trades below the resistance formed at $2.67. If the current bullish momentum is maintained, the token could break above this barrier and rally toward $3.25. However, if WLD selloffs resume, it would put downward pressure on its price, causing it to plunge to $2.31. If this support level fails to hold, the WLD token price could drop further to $2.01.
Conclusion
In conclusion, Worldcoin’s (WLD) recent price surge can be attributed to increased smart money accumulation and a broader market bias favoring the altcoin. The token’s Smart Money Index and positive DAA divergence signal bullish momentum, indicating potential further gains in the near term. However, it is essential to conduct thorough research and consult with a professional before making any financial decisions.
Disclaimer: This price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: Beincrypto.com
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