Worldcoin (WLD) eyes $3 as buying pressure builds
The Most Important Points in Brief
- Worldcoin (WLD) has recovered from a key demand zone and could be on its way to a price target of 3 USD.
- Currently, the market shows positive signs, but short-term resistance could delay the upward movement.
- On-chain data suggests strong buying demand, which could further support the price.
Worldcoin Recovers from Key Demand Zone
Worldcoin (WLD) has recently recovered from a critical demand zone and could now be on its way to a new price rally. Despite a 16.01% decline in the past week, with a current price of 1.99 USD, market conditions are now showing signs of recovery. According to CoinMarketCap, the price has already increased by 0.17%, indicating a potential trend reversal.
First Step Towards a Rally
WLD has taken its first step towards a potential rally by entering a demand zone between 1.88 USD and 1.72 USD. This led to a green candle on the chart, indicating increased buying activity. If sufficient buying pressure builds up, the price could rise to 2.48 USD in the short term, with a long-term target of 3.26 USD. However, if WLD fails to hold this zone, the price could fall back to 1.69 USD or even 1.53 USD.
Positive On-Chain Data Supports the Rally
Several on-chain indicators point to an upcoming price movement. The exchange netflow, which is the difference between deposits and withdrawals from exchanges, shows, according to Coinglass, that more WLD has been withdrawn from exchanges than deposited over the last 24 hours and seven days. In total, 602,620 USD and 17.88 million USD have been withdrawn from exchanges during this period. A negative exchange netflow suggests that less WLD is available on exchanges, which could drive the price up.
Additionally, the Chaikin Money Flow, an indicator of liquidity inflows, shows that despite the withdrawals, active buying continues. If this trend persists, demand for WLD could rise further while the supply on exchanges decreases.
Slight Delay in the Uptrend Possible
Despite the positive market sentiment, the rally could be slightly delayed. Liquidation data shows that long positions worth 496,770 USD were liquidated in the last 24 hours, while short positions only recorded losses of 139,110 USD. This could indicate that losses in long positions might temporarily slow down the uptrend.
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Our Assessment
Worldcoin currently shows promising signs of recovery, particularly due to strong demand and the negative exchange netflow. If buying pressure continues to build, the price could rise to 3 USD in the coming weeks. However, short-term resistance and liquidations could delay the price increase. For traders betting on a rally, it remains important to closely monitor market movements and plan for potential setbacks.
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