Worldcoin (WLD) Faces Price Drop of 17% After Hitting Major Resistance Barrier

Share This Post

The post Worldcoin (WLD) Faces Price Drop of 17% After Hitting Major Resistance Barrier appeared first on Coinpedia Fintech News

Worldcoin (WLD) surged 25% in the last week, fueled by the success of its World ID project, which has expanded to over 40 countries. However, this rally hit a major roadblock when WLD reached a resistance level of $2.48, a level it hadn’t been able to break for three months. Following this, Worldcoin saw a 17% drop in the past 24 hours, currently trading at $2.21.

Profit-taking may Lead to a Price Drop

As Bitcoin’s price surged to a new all-time high, other altcoins followed suit, and Worldcoin was no exception. The altcoin saw impressive gains last week, rising to $2.88, with its trading volume jumping 78% to $2.38 billion.

However, this surge didn’t last long as after reaching a three-month resistance level, Worldcoin began to decline, quickly erasing much of its recent gains. 

Meanwhile, a key factor behind this drop is that 97% of all Worldcoin holdings are now in profit. This often signals a potential market top, as many investors may choose to sell and lock in their gains. Historically, when most of a cryptocurrency’s supply is profitable, it can trigger a pullback in the price.

Selling Pressure Builds Up

Another reason for the decline is that over 25% of Worldcoin’s active addresses are in profit. This level often encourages holders to sell, adding to the selling pressure. With more people potentially cashing out, the upward momentum may be losing steam.

Worldcoin’s Growing Global Presence 

Worldcoin, co-founded by Sam Altman, has been making waves globally, with recent launches in Costa Rica, Poland, and Austria expanding its reach. Altman recently celebrated Worldcoin’s success, revealing that over 16 million users have now been verified. 

Despite facing some regulatory challenges in countries like Spain, Germany, and South Korea, the project continues to grow.

As the platform gains popularity, its native token, WLD, is attracting both individual and institutional investors. In a tweet, Altman shared his positive outlook, saying he feels good about the bright future of cryptocurrency in general.

What Next For WLD?

Worldcoin is now facing resistance at $2.48, and if the price continues to struggle, the next support levels to watch are $2.00, and $1.74. If the price manages to hold at $2, it could bounce back and attempt another break above $2.48. If that happens, Worldcoin may be back on track for more gains.

As of now, WLD is trading around $2.23 reflecting a drop of almost 18% seen in the last 24 hours with a market cap of $1.42 billion.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Optimism (OP) Faces Potential Decline To $1.80 — Analyst

Optimism (OP) has experienced a market rebound in the past week gaining by 3576% based on data from CoinMarketCap The Ethereum layer-2 token hovers above $220 with investors strongly bullish on

Bitcoin Technical Analysis: BTC’s Short-Term Correction—What the Charts Reveal

Bitcoin’s price correction across multiple timeframes reveals short-term bearish pressure while maintaining a bullish outlook in the long term Bitcoin Bitcoin’s (BTC) recent price

Shiba Inu Whale Activity Sees 148% Surge In Large Transaction Volume, Price Dips

The post Shiba Inu Whale Activity Sees 148% Surge In Large Transaction Volume, Price Dips appeared first on Coinpedia Fintech News Shiba Inu has seen a 148% surge in large transaction volume in the

Arthur Hayes Predicts Bitcoin’s Potential Rise Amid Economic Shifts, $250K By 2025?

The post Arthur Hayes Predicts Bitcoin’s Potential Rise Amid Economic Shifts, $250K By 2025 appeared first on Coinpedia Fintech News In conversation with  Alpha First, former BitMEX CEO Arthur

Ron Paul Keen to Restore ‘Sanity’ With Musk in Trump’s Government Efficiency Drive

As President-elect Donald Trump assembles his transition team, much attention is swirling around the newly established Department of Government Efficiency, or DOGE Pro-freedom advocate and former

Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow — Will Ether Price Respond?

Investor interest in the spot Ethereum ETFs (exchange-traded funds) appeared to have waned after failing to register a net inflow day for six consecutive days However, the cryptocurrency products