AMBCrypto - 11/29/2024 12:02:12 PM - GMT (+0 )
- WLD has surged by 14.36% over the past 24 hours.
- Worldcoin’s market indicators shows a strong bullish momentum as open interest hits a new ATH.
Over the past 24 hours, Worldcoin [WLD] has experienced a strong upswing to hit a 5-month high . Over the past month, WLD has hiked from a low of $1.5 to a high of $3.o6.
As of this writing, Worldcoin was trading at $2.88. This marked a 14.36% upsurge over the past day. Equally, the altcoin has gained on weekly and monthly charts hiking by 26.27% and 38.18% respectively.
Despite the price pump, WLD remains approximately 75.7% below its ATH of $11.82. The current market conditions raise questions about whether Worldcoin is on the verge of a sustained rally.
Inasmuch, these recent gains have left analysts talking about the altcoin’s trajectory. As such, popular crypto analyst Ali Martinez has predicted a sustained rally towards $4.
Can WLD finally rally?According to AMBCrypto’s analysis, WLD is experiencing a strong upward momentum amidst bullish sentiment. As such, the prevailing market conditions could position the altcoin for more gains on the price charts.
For starters, Worldcoin’s open interest has surged to hit a new ATH of $433.9 million over the past 24 hours. A surge in open interest implies that investors are opening new positions. This usually reflects increased buying pressure with buyers dominating the market.
Additionally, Worldcoin’s number of large transactions has surged by 55.56% over the past 24 hours from 90 to 140. This shows high whale activity indicating that large holders are actively engaged and a part of this price rally.
This high level of participation is not an isolated case among whales only but across all participants. We can see this through a spike in daily active addresses.
This has surged to hit a 8 months high of 1.5k. When an active address spikes, it suggests that a price rally is supported by strong demand, adoption, and interest.
Finally, Worldcoin’s Exchange flow balance has declined to a negative value indicating that more WLD tokens are leaving exchanges than are being deposited.
Usually, a negative exchange flow suggests that investors are accumulating WLD for the long term. It indicates confidence in the asset’s future performance and reduces the potential of near-term sell-offs.
Realistic or not, here’s WLD market cap in BTC’s terms
Simply put, Worldcoin is currently in a bullish wave. As such, WLD is positioned for more gains on price charts.
If the prevailing market conditions hold, WLD will attempt $3.24 resistance where it has faced multiple rejections. A breakout from here could see the altcoin hit $3.89.
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