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Cryptocurrency News Articles
Worldcoin (WLD) Faces Increased Risk of Dropping to September Lows as Development Activity Surges
Dec 27, 2024 at 12:30 am
Over the past month, Worldcoin [WLD] has consistently declined, losing 11.70% of its value. This downtrend has continued on the daily timeframe
output: Worldcoin (WLD) has been on a downtrend for the past month, losing 11.70% of its value. This bearish trend has continued on the daily timeframe, with an additional 5.74% drop.
The asset is now approaching a major support level that has previously propelled its price on multiple occasions. However, this time around, the scenario is set to be different.
After encountering resistance at $2.398, WLD quickly dropped by 5.78%, signaling strong bearish control. At this rate, WLD could either rebound off the support or drop even lower.
If the latter occurs, it would result in an additional 41.88% price decline, bringing WLD down to its September low of $1.284.
Technical indicators, such as the Parabolic SAR (Stop and Reverse) and Relative Strength Index (RSI), suggest that further price declines are likely.
Currently, the Parabolic SAR, which gauges market sentiment by forming dots above (sell) or below (buy) price levels, indicates bearish sentiment with dots positioned above the price, adding downward pressure.
Moreover, the RSI, which measures sentiment on a scale where values below 50 indicate high selling pressure and values above 50 suggest buyer interest, is at 39.49. This reading indicates strong bearish control, suggesting that WLD’s price could drop further.
Open Interest, which measures the number of unsettled derivative contracts in the market, indicates that bearish sentiment is gaining strength.
The Open Interest has declined by 4.52% to reach $286 million, suggesting that market participants are closing their positions. Additionally, a 17.97% drop in trading volume to $431 million confirms that the bears are firmly in control, increasing the likelihood of further price declines.
Given these signals, WLD faces an increased risk of dropping to its September low. However, further analysis suggests that this decline could be delayed.
Worldcoin, the project behind WLD, has recently been ranked among the top projects by development activity, recording a 240% increase over the past 30 days, trailing others like Arbitrum, according to Chain Broker.
A surge in development activity typically signals ongoing improvements aimed at enhancing the overall project experience, which often has a positive impact. If this trend continues, it could delay WLD’s potential price decline before a further downward movement.
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