Worldcoin Corrects Soon After Gaining 45% in 24 Hours – What Now?
Worldcoin (WLD) has been making significant waves in the cryptocurrency space recently, with its impressive price surge and the buzz surrounding AI tokens. In a remarkable turn of events, the token surged by more than 45% in just 24 hours, propelling it to new heights.
Popular crypto trader Scofield drew attention to Worldcoin’s breakout above a key resistance level, sparking a fresh bull rally for the token. This surge saw Worldcoin trading at $10.41, boasting a market capitalization exceeding $1.5 billion, positioning it as the 71st largest cryptocurrency by market cap.
The positive momentum for Worldcoin was further underscored by a spike in its Social Volume and improved Weighted Sentiment, reflecting a dominant bullish sentiment surrounding the token. Analysis of Santiment’s data revealed a noticeable increase in buying pressure on WLD, accompanied by a decline in its supply on exchanges in recent days. Moreover, the high whale transaction count indicated active trading by major players.
While Worldcoin’s Open Interest surged, suggesting a sustained uptrend, attention turned to potential obstacles ahead. After touching $11.08, the token faced a minor correction, highlighting the importance of overcoming this barrier amidst high selling pressure to maintain its bull rally.
Examining Worldcoin’s daily chart, the Chaikin Money Flow (CMF) rebounded from neutral territory, complemented by a bullish crossover on the MACD. However, caution was warranted as the Relative Strength Index (RSI) neared the overbought zone, signaling a potential increase in selling pressure and subsequent price correction.
As Worldcoin charts its course in the ever-volatile crypto market, all eyes are on whether the token can sustain its bullish momentum and break past the $11 resistance level. With a mix of positive indicators and potential challenges on the horizon, the future trajectory of Worldcoin remains intriguing for market participants and enthusiasts alike.
