After the introduction of Sora, a text-to-video model, Worldcoin (WLD), backed by tech luminary Sam Altman, has seen a big rise in its market value in the last 48 hours.
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This surge has led to increased buying of the altcoin, pushing its price past its previous peak to set a new all-time high. As a result, there’s been a notable increase in on-chain activities for WLD, sparking excitement in the market.
Market Movements and All-Time High for Worldcoin (WLD)
In the last two days, Worldcoin has seen significant market activity, with almost $12 million in positions being liquidated. Of this amount, approximately $8 million came from the closure of short positions, weakening immediate resistance levels. Consequently, WLD’s price surged to a new all-time high of $5.4, as reported by Coinmarketcap.
The milestone price was driven by a notable increase in on-chain activity for WLD. Data indicates a remarkable surge in large transactions, from just 2 to 60 within hours, marking a 2,900% increase. This surge suggests that whale investors predominantly fueled the recent buying pressure on WLD.
However, this rapid surge has raised concerns about a potential correction, as indications point to WLD’s price nearing its peak. Currently, a record 95.88% of addresses, totaling 10,420, are in profit following the recent price surge. This trend may tempt many holders to sell their investments, potentially triggering a sharp decline in WLD’s price and initiating a new round of selling pressure.
Despite the broader market rebound and Bitcoin’s rise above $52,000, WLD’s volatility has remained relatively low. This stability may lead to declining investor confidence in the altcoin, potentially prompting a price correction.
Bullish Momentum and Resistance Levels for Worldcoin (WLD)
Breakthrough of Resistance Barrier: The recent bullish momentum propelled WLD’s price above the $4.5 resistance barrier on February 17, indicating a continuation of its upward trend. With this achievement, bulls now set their sights on reaching a new all-time high (ATH). However, bears are actively defending a surge above $5.5. At the time of writing, WLD price is trading at $5.3, marking a remarkable 21% surge from yesterday’s rate.
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Source: TradingView
Overbought Signals and Potential Pullback: The rapid surge in recent days has pushed the Relative Strength Index (RSI) into overbought territory, currently trading at 82. This suggests that the current rally may be overstretched in the near term, potentially leading to a slight pullback or a period of consolidation in the coming days.
Key Support Levels: Finding support at $4.7 would indicate that market sentiment remains positive, with traders capitalizing on dips as buying opportunities. Conversely, a decline below $4.7 would signal a weakening in bullish momentum. In such a scenario, the WLD price might retreat to the 20-day Exponential Moving Average (EMA) at $4.3.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
