Worldcoin [WLD] has faced a tough stretch, with its price dropping 16.01% over the past week, settling at $1.99. But recent signs indicate a possible comeback, as WLD begins to attract buyer interest. With a modest 0.17% uptick and a promising market setup, Worldcoin could be on the brink of an upward movement, according to CoinMarketCap.
WLD Takes First Bullish Step Amidst Market Rebound
After descending into a critical demand zone between $1.88 and $1.72, Worldcoin has shown resilience, marking its first green candle in days. This zone could become a springboard for WLD, potentially driving it toward a near-term target of $2.48 if enough buying interest builds. A more optimistic target of $3.26 is also within reach if bullish momentum continues. However, should Worldcoin fail to hold this level, it may drop back toward the $1 range, testing critical support levels at $1.693 and $1.532.
A report from AMBCrypto highlights a generally bullish sentiment, with traders appearing ready to back an upward move. Positive signals on WLD’s daily chart suggest that the asset might indeed be shifting out of its bearish territory.
On-Chain Metrics Signal a Bullish Outlook for Worldcoin
Several key on-chain metrics are now hinting at a strong upside for Worldcoin. According to data from Coinglass, WLD’s Exchange Netflow, which reflects the balance of WLD moving in and out of exchanges, has trended negative, with massive withdrawals totaling $602.62K in the past 24 hours and a substantial $17.88M over the past week. This negative netflow suggests a greater outflow than inflow, hinting that traders are moving their holdings off exchanges—a sign of confidence that often leads to price appreciation as fewer WLD tokens remain available for trading.
The Chaikin Money Flow (CMF) index, which tracks liquidity inflow, also reinforces this outlook. Although the netflow reflects withdrawals, WLD’s CMF data indicates that investors are actively purchasing WLD. This trend signals potential future demand as WLD’s circulating supply dwindles, making a price rally more likely.
A Minor Delay in WLD’s Rally?
Despite these bullish signals, WLD’s rally might face slight delays. Long liquidation data reveals that many traders have closed out long positions, totaling $496.77K, compared to just $139.11K in short liquidations. This high volume of long liquidations indicates some hesitation among bullish traders, which could slow WLD’s anticipated rise.
Also Read: Worldcoin (WLD) Surges 31.74% In A Month – Is A Major Breakout To $3.26 Next?
What’s Next for WLD?
With positive momentum brewing, WLD’s trajectory depends largely on its ability to hold within its demand zone and sustain buying pressure. If these conditions align, Worldcoin could break out from its consolidation range and hit its target prices, while a failure to hold could result in a pullback.
As long as the exchange netflow remains negative and CMF readings stay favorable, WLD could see an eventual rally, even if short-term fluctuations persist.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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