Market
Is Worldcoin (WLD) Price Aiming at Recovery Despite Losing $3?
Worldcoin (WLD) price is forming lower lows on the daily chart as the broader market skepticism continues to grow.
The investors, however, could change this as their optimistic outlook just needs to meet bullish actions.
Worldcoin Investors Are Hopeful
Worldcoin’s price, trading at $2.7, has marked a considerable decline in the last couple of days. However, this has still not convinced the WLD holders to offload their holdings to offset their losses.
This is evident upon observing the active addresses by profitability. At the moment, the total number of participating addresses in profit is less than 3%. Generally, when these investors dominate 25% of the activity, a concern of profit taking rises.
However, this is not a concern for WLD as it is far below the threshold above. This means that Worldcoin investors are not looking to sell their holdings for now.
Combining that with the Market Value to Realized Value (MVRV) ratio provides an optimistic outlook. The MVRV ratio assesses investor profit and loss. Currently, Wordlcoin’s 30-day MVRV stands at -35%, indicating losses, which may lead to buying pressure.
Historically, MVRV between -10% and -20% usually signals the start of rallies for the altcoin, marking an opportunity zone for accumulation. This could lead to a surge in price for the altcoin.
Read More: How to Buy Worldcoin (WLD) and Everything You Need to Know
WLD Price Prediction: Awaiting a Bounce-Back
Worldcoin’s price fell below a crucial support level of $3. The ongoing correction over the past two days has resulted in a 45% drop from $4.5. If the WLD investors move to add more tokens to their holdings, the altcoin could take back $3 as support.
This would enable a surge in Worldcoin’s price, pushing it back up to $4.0. Breaching it would wipe out a significant portion of the investors’ losses.
Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030
But if WLD continues to decline, it could lose support at $2.5 and fall to $2.0. Slipping below this would invalidate the bullish thesis, resulting in extended losses.
Disclaimer
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