Worldcoin (WLD) appears to be entering a period of consolidation after a volatile few weeks. While the price has found some stability, a key question lingers: can it reclaim its previous highs above $10?
Analysts are scrutinizing data from IntoTheBlock’s IOMAP metric, which reveals a strong support base for WLD. This support has likely prevented any drastic price crashes. However, a double-edged sword emerges here. With nearly 90% of current holders sitting on profits, a potential increase in selling pressure could materialize.
Holder Growth Slows Down
Despite the price stabilization, the rate of new WLD holders seems to be decelerating. While the number of holders jumped 58.55% from February 13th to March 13th, the last week saw a meager 5.48% increase. This slowdown coincides with a mid-February price surge, where WLD skyrocketed from $3.27 to $9.08. This rapid rise likely fueled a wave of new investors, but it seems that enthusiasm may be waning.
The high percentage of profitable holders (over 85%) suggests a bullish outlook for some. These investors might choose to hold onto their WLD, anticipating further price increases. However, a similar situation with a 95% profit ratio preceded a 9.43% price drop within 24 hours. This serves as a cautionary tale, highlighting the potential for profit-taking to trigger a correction.
Also Read: Worldcoin Fights Back: Lawsuit Challenges Spanish Ban on Data Collection
Support Levels and Resistance Zones
The IOMAP chart offers valuable insights. It reveals substantial support zones at $9.69 and $9.40, acting as potential safety nets if the price falls. However, a breach of these levels could lead to a further dip towards $9.10. Conversely, a renewed influx of holders and a positive price trend could see WLD overcome resistance levels and reach $10.50 or even surpass its all-time high of $11.71.
Worldcoin’s future trajectory hinges on a delicate balance. The strong support base provides a safety net, but the high number of profitable holders raises concerns about potential selling pressure. Whether WLD can attract new investors and overcome resistance levels will determine its ability to reclaim its past glory and forge a new path forward.
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