Worldcoin’s (WLD) Price Fall Puts $960 Million Profits in Jeopardy
07/10/2024 05:00
Worldcoin's price is set to be poised for recovery as investors are accumulating and secure their recent profits.
Worldcoin’s (WLD) price could be recovering on the back of investors’ accumulation, which is likely given the potential for losses.
The on-chain indicators support a bullish outcome, provided investors stay on track with growth.
Worldcoin Investors Push for a Rally
The recent decline in Worldcoin’s price resulted in the altcoin losing the support of $2. According to the Global In/Out of the Money (GIOM) indicator, about 530 million WLD worth over $960 million are close to losing their profitability.
Investors bought this supply between $1.71 and $1.93. Given that WLD is changing hands around $1.83 and testing the support of $1.76, the altcoin may lose its profits.
However, for Worldcoin’s price to rebound, investors would need to act in accordance. The demand for the asset needs to increase, which is possible since the altcoin is currently undervalued.
According to the Market Value to Realized Value (MVRV) ratio, there is an opportunity for accumulation. The MVRV ratio assesses investor profit and loss. Currently, Worldcoin’s 30-day MVRV stands at -37%, indicating profitability, which may lead to buying pressure.
Historically, WLD MVRV between -11% and -37% usually signals the start of recoveries and rallies, marking an opportunity zone for accumulation. This could help push the price back up.
WLD Price Prediction: Recovering Gains Is the Target
Worldcoin’s price is currently at $1.83, under the critical price of $2.0. Following the 63% drawdown in the past month, the altcoin has attempted to breach it and flip it into support again.
This is likely, looking at the aforementioned factors. Should this happen, WLD is open to a rise towards $3.0, which would warrant consistent bullishness from the investors.
On the other hand, a failed breach would result in the crypto asset potentially losing support of $1.76 and falling to the lows of $1.50, invalidating the bullish thesis.
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Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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