Worldcoin (WLD) Drops 7% Raising Bear Trap Concerns

• Market cap stands at $945.5M with a 26.65% decrease in volume.
• Technical analysis shows support at $1.77 and resistance at $2.

Worldcoin (WLD) is currently trading at $1.84, experiencing a 6.87% drop in the last 24 hours. The market cap of WLD stands at $945,494,823, reflecting a 6.27% decrease, positioning it at #69 in the cryptocurrency rankings. 

The 24-hour trading volume has seen a significant drop of 26.65%, totaling $190,099,652. This indicates a volume-to-market cap ratio of 20.10%, suggesting active trading despite the decline. Worldcoin has a circulating supply of 514,995,944 WLD tokens, with a total supply of 10 billion tokens, giving it a fully diluted market cap of $18.36 billion.

Alameda Research’s recent deposit of $265K worth of WLD tokens to Binance continues to weigh on the market. Sell-offs by Alameda over the last two months have created additional pressure, limiting Worldcoin’s recovery. Despite this, analysts suggest that if WLD can hold its support and overcome resistance, the token might see a bullish recovery in the coming days.

Technical Analysis of Worldcoin (WLD) Price Movements

The technical indicators show mixed signals for Worldcoin. The Relative Strength Index (RSI) is currently at 56.47, indicating that WLD is in a neutral zone. However, the RSI average sits at 53.56, suggesting that recent buying pressure could push the price higher if sustained.

Moving averages indicate a potential short-term shift. The 9-day moving average is currently at $1.81, while the 21-day moving average is slightly higher at $1.77. This suggests that WLD could break its current range if bullish momentum continues.

For support and resistance levels, Worldcoin is facing immediate support at $1.77. If the price fails to hold above this level, a further decline could take WLD down to $1.70. On the upside, the resistance lies at $1.90. Breaking through this resistance could lead to a price target of $2.00. The moving average crossover between the 9-day and 21-day averages further supports a potential upward movement, but traders should watch for confirmation.

Worldcoin’s price is at a pivotal point. The next few days will determine whether it can sustain a breakout above resistance or see further downward pressure. Keeping an eye on trading volume, moving averages, and RSI levels will be crucial for predicting its next move.

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