Worldcoin (WLD) Price Rises as Holders Await Further Growth
beincrypto.com 08 October 2024 08:30, UTC The price of Worldcoin (WLD) has been steadily rising recently, back to the $2 zone. Even with the recent spike, many of its holders are still facing losses.
With many expecting a further price increase, these holders might avoid selling, reducing the chances of heavy sell pressure. This sentiment could create a favorable environment for continued price gains, potentially signaling a bullish trend for WLD.
Worldcoin Holders in Loss: Could Reduced Selling Pressure Signal a Bullish Trend?
Although WLD’s price has grown by 8.12% over the past seven days, approximately 71% of its holders are still experiencing losses on their investments. This indicates that despite the recent price surge, the majority of WLD investors bought their tokens at higher prices.
To understand this better, the Historical Break Even Price chart is an essential tool. It shows the price points at which most holders purchased their tokens, offering insights into how many are currently in profit, at break-even, or facing losses. As it stands, only 23% of holders are in profit, and around 6% are at break-even, meaning a vast majority remain underwater.
Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030
This could imply that these holders, who are currently at a loss, might be reluctant to sell their tokens in the immediate future as they may expect the price to rise further.
If this sentiment prevails, the potential for a strong sell-off in the next few days decreases, reducing selling pressure. This could create a bullish environment for WLD. That happens because a reduced sell-side activity combined with steady or increasing demand could drive the price higher.
Worldcoin’s Social Media Buzz Spikes
WLD’s 7-day Moving Average Social Dominance is currently at 0.30%, a significant increase from 0.021% on October 3. The Social Dominance 7D Moving Average measures the percentage of total social media mentions related to a specific asset over a rolling 7-day period.
It provides a broader view of how much attention a token is receiving in comparison to the rest of the market. Historically, when WLD’s social dominance has risen, its price has followed a similar upward trend.
Last week’s major funding announcement for OpenAI brought a wave of attention to the broader AI space and especially to WLD since Sam Altman – OpenAI co-founder – is behind both projects. Hence, WLD has experienced increased social media buzz. If WLD continues to capture public interest and its social dominance keeps growing, this surge in visibility could act as a catalyst for its price to continue rising.
A strong presence in social discussions often correlates with increased trading activity, and with momentum building, WLD may be well-positioned to maintain its current uptrend.
WLD Price Prediction: $2.47 Next?
WLD’s EMA (Exponential Moving Average) lines currently look bullish, with all short-term EMAs positioned above the long-term ones. On October 6, these lines formed a golden cross, a technical indicator that occurs when a short-term moving average crosses above a long-term moving average, signaling the potential for a strong upward trend.
EMA lines themselves are used in technical analysis to smooth out price data, giving more weight to recent prices and helping traders identify trends more clearly. As the distance between the short-term and long-term EMA lines is widening, it suggests that the current uptrend could strengthen further.
Read More: 5 Best Worldcoin (WLD) Wallets in 2024
If this upward movement continues, WLD could test the $2.18 resistance level next. Should that level be broken, WLD may climb as high as $2.47, its highest price since July 2024. That represents a potential 23.5% growth from current levels.
However, if the trend reverses, WLD has established support at $1.59, $1.51, and $1.38, meaning a potential price drop of up to 31% could occur.
