Worldcoin’s (WLD) price impressed the market with the recent surge in value, which also brought considerable profits to its investors.
However, as some WLD holders, elated at the gains, moved to secure them, others seem to be fighting the bearishness that could result from the selling.
Worldcoin Whales Fight the Power
Worldcoin’s price rallied 60% in just three days, more than some altcoins’ registrations in days. While the price rise brought WLD up from $1.7 to $2.8, it could only recover less than half of the 62% losses noted in June.
Naturally, to prevent losing these gains, WLD holders moved to sell. This is visible in the massive spike in active deposits, which is a metric used to measure the flow of tokens from investors’ wallets to exchanges’ wallets.
As the metric spiked to a four-month high, it became evident that the efforts were in accordance with profit-taking.
But by the looks of it, this was mainly retail since whales have been doing the exact opposite.
Worldcoin whales seem to be adding to instead of selling their supply. The addresses holding between 1 million and 10 million WLD accumulated about 13 million WLD worth over $36 million in the span of three days.
Read More: How to Buy Worldcoin (WLD) and Everything You Need to Know
Accumulation from these whales in the past has triggered recovery, with instances noted in February and May. The same, however, is not expected this time around since there is bearishness from profit-taking countering the bullish cues.
WLD Price Prediction: Struggle Ahead
Worldcoin’s price, trading at $2.8 at the time of writing, failed to breach the resistance at $3.0, which has withheld WLD for a month now. The likely outcome is a drawdown to $2.5, which would act as the support for the crypto asset.
This could trigger consolidation for Worldcoin within the aforementioned range until either the bearish or bullish cues alter the outcome.
Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030
If the bearish cues were to change the course of WLD, a correction would follow the consolidation. This would send WLD to $2.0, wiping the recent gains and invalidating the bullish-neutral thesis.
Disclaimer
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