See More

Worldcoin (WLD) Bounces off Key Support – $8 Next?

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • Worldcoin (WLD) recovery eyes $8 target amid recent bounce from key support level.
  • On-chain analysis shows steady network growth recovery and increasing holder count, boosting community confidence.
  • WLD faces pivotal battle around $7, technical indicators signal bearish pressure, $8 target hinges on overcoming resistance.
  • promo

Worldcoin (WLD) appears to be recovering after it bounced off a key support level, sparking conversations about its potential to reach $8 again.

Recent on-chain analysis offers a comprehensive perspective on WLD’s trajectory, underlining the coin’s resilience and the increasing optimism within the community.

Worldcoin Network Growth Bottoms as Total Holders Increases

The coin’s network growth graph reveals periods of fluctuation, typical in the dynamic crypto market. Despite these variations, the underlying trend reflects steady growth over the longer timeline. While recently correcting as the price declined from its all-time high of $12 on March 11.

Network growth represents the number of new addresses being created on the network each day. Network growth sits at 103 and appears to be stabilizing at this range.

Worldcoin Market Growth.
Worldcoin Market Growth. Source: Santiment

Significantly, the total number of WLD holders has seen a consistent rise. This gradual increase in holders indicates enduring trust in Worldcoin’s potential and a broadening user base committed to its long-term value. As of April 10, the total amount of holders had risen to 19,449. Up from 17,218 exactly one month prior.

Worldcoin Total Amount of Holders.
Worldcoin Total Amount of Holders. Source: Santiment

The Global In/Out of the Money (GIOM) data for WLD presents an even more compelling narrative. Over half of the current holders are ‘In the Money,’ with a price point well above their average purchase price. Key resistance can be found by holders that are ‘out of the money,’ with 2,150 addresses holding 6.3 million WLD at an average purchase price of $7.23.

Read More: 5 Best Worldcoin (WLD) Wallets in 2024

Additionally, 996 addresses holding 12.38 million WLD at an average purchase price of $5.31 represent a formidable support zone for the price.

WLD Average Purchase Price.
WLD Average Purchase Price. Source: IntoTheBlock

WLD Price Prediction: Pivotal Battle Between $7 Remains

The WLD navigates key support levels, with technical indicators depicting a struggle between bears and bulls. WLD is teetering below the 50-day (yellow) Exponential Moving Average (EMA) after slipping beneath the 20-day line (orange). EMAs give more weight to recent prices and are a tool to gauge the direction of the trend over different time frames.

WLD/USDT Price Chart.
WLD/USDT Price Chart. Source: Tradingview

Additionally, the Relative Strength Index (RSI) sits above 40, indicating bearish pressure without reaching oversold territory. Meanwhile, the Moving Average Convergence Divergence (MACD) echoes this sentiment with a bearish crossover.

Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030

Currently, the price appears to be seeing some bullish strength as it pushes for $7. However, flipping the 20-day EMA will be vital for a bullish push towards $8. However, if WLD cannot maintain the buying pressure, bears could push the price back down to key support under $6, invalidating the bullish price action.

Top crypto projects in the US | May 2024



In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ryan James
Ryan Boltman is a dynamic and experienced professional with a rich background in marketing management, business development, and cryptocurrency journalism. With a BCOM in Marketing Management from the University of South Africa and an Honors in Business Management, Ryan has honed his expertise across multiple countries including South Africa, the USA, and the Netherlands. His career includes significant roles in customer success, sales management, and content creation within the blockchain...