Can Worldcoin (WLD) Sustain Momentum After Two-Week High?
thenewscrypto.com 13 September 2024 11:47, UTC - Worldcoin (WLD) price rose 6.10% in the past 24 hours, now at $1.503.
- The daily trading volume surged 100.86%.
Worldcoin (WLD) experienced a significant surge, with its price currently sitting at $1.503, reflecting a 6.10% gain in the last 24 hours. The market cap is up to $643.4 million, representing a 5.74% rise. The 24-hour trading volume has also increased significantly, up by 100.86% to $192.38 million.
The WLD price surge can also be attributed to its growing adoption, fueled by announcements of strategic partnerships and exchange listings, including Upbit. This adds to the liquidity and visibility of the token, further driving up investor interest.
However, concerns regarding Worldcoin’s tokenomics have surfaced. A recent report points out the centralized token distribution, where investors control a significant portion of the supply. This concentration raises questions about sustainability and long-term price growth. A prominent investor mentioned that while the current price growth is promising, tokenomics leaves much to be desired for decentralized enthusiasts.
Worldcoin (WLD) Technical Analysis
The market/volume ratio of 29.81 indicates strong trading activity. This rise in volume suggests growing interest among investors. The Relative Strength Index (RSI) stands at 53.48, indicating neutral momentum. An RSI between 30 and 70 often signals that the market isn’t oversold or overbought, meaning further price shifts could be more gradual.
Worldcoin is facing resistance near $1.506, which could be a key level to watch in the coming hours. If it breaks past this level, the next significant resistance could be at $1.509.On the downside, the key support level is around $1.498. A break below that could take the price down to the second support at $1.494.The market outlook remains cautiously optimistic, with analysts advising traders to monitor key resistance and support levels closely.
Moreover, the 50-day moving average shows bullish momentum, with the token pushing beyond key resistance levels. Investors have grown increasingly optimistic about WLD as market sentiment shifts in favor of biometric-backed technologies, contributing to the rally.
