The Worldcoin (WLD) price displayed range-bound movements close to the $2 mark and exhibited low-volume buying activity.

First, it looked like the beginning of a large upswing, but additional assessment warned that it could be otherwise. It is also noteworthy that Worldcoin (WLD) has been constantly bearish for the past three months.

This month, the WLD price departed from the crucial support zone around the $1.60 mark. It exhibited a bullish recovery and demand resurgence.

Still, the WLD price failed to crack the 50-day EMA mark. It formed multiple doji candlesticks in the past few trading sessions, which delivered uncertainty and a lack of buying pressure.

Until the cluster of $3 breaches, fresh, one-sided buying action could not be possible. Notably, it was trading close to its 52-week low region and has been underperforming for the past few weeks.

The WLD Price at Press Time

When writing, the WLD price traded at $2.20 with an intraday drop of 3.20%, reflecting neutrality on the charts. Its trading volume dropped over 12.7% to $667.39 Million, delivering low-volume activity.

The pair of WLD/BTC was at 0.0000333 BTC, and the market cap was $667.39 Million. Analysts were neutral and suggested that the WLD price might continue to hover around the $2 mark ahead.

Worldcoin Stayed Flat: Price Action Outlook

Amidst the significant price recovery in this month’s first week, the WLD price still hovered below the 20-day EMA mark. This guided a bearish structure.

The price action for the past two weeks signified that WLD stays in a consolidation phase, guiding low investor interest. A demand surge and recovery were exhibited during the first week of July. However, a lack of follow-on buying action led to price consolidation.

The RSI curve stayed flat around 52 near the midline region, and a negative crossover was established on the charts.

What Do Social Metrics Say on Worldcoin?

The price action remained flat, but the social dominance activity plotted a spike of over 9% and jumped to 0.139%. It implied a surge in the investors’ chatter and discussions on social media platforms.

Notably, the development activity data looked flat around its mid-trajectory of 9.76. It noted a surge of over 3% this week.

The Majority of Holding Addresses are in Red

The Global In/Out of the Money (GIOM) indicator showed that only 12.18% of WLD addresses are profitable. At the same time, more than 85% of its holders are underwater or facing unrealized losses.

Typically, when a large chunk of holders are making losses, chances of further selloff are reduced to a bit. Additionally, a recovery can be seen ahead.

GIOM Indicator | Source: IntoTheBlock

Selling WLD at current price levels would lose more than 85% of its holders. This may be considered a way for buyers to begin accumulating. It can trigger a bounce to find a significant exit at the highs.

Futures Open Interest Data Noted a Decline

The Futures Open Interest data noted a decline of over 5.39% to $217.88 Million. It displayed a significant long unwinding activity in the past 24 hours.

Notably, if the WLD price fails to hold above the $2 mark, it may fall toward the immediate support zone of $1.960 and $1.780.

In contrast, if the bulls sprint the recovery ahead, it may retest the uppermost hurdle of $2.50, followed by $3 soon.

The WLD price action signified weak momentum, and investors did not look confident in accumulating WLD at the current price levels.