- WLD among the top-gaining crypto assets in the market after appreciating by 6.36%
- Data suggested that WLD may be ready to climb to $1.89, but under one condition
Worldcoin (WLD) has demonstrated notable resilience, registering impressive daily and weekly gains on the charts. This, despite being down 9.69% on the monthly charts.
Should this rally persist, WLD can potentially recoup its monthly losses. By doing so, it might reach a trading level it last saw in August.
Price, volume surges indicate that WLD is bullish
Over the last 24 hours, WLD has outperformed several assets, according to CoinMarketCap. In fact, it hiked by 6.36% and secured the 4th position on the gainers’ table.
This growth was accompanied by a significant 99.59% surge in trading volume, totaling $199,208,674.
Source: CoinMarketCap
Simultaneous hikes in both volume and price typically signify strong buying interest and bullish sentiment. This also means investors are optimistic about WLD’s future prospects, with both likely to affect the altcoin’s demand and price.
AMBCrypto also noted another additional positive development for WLD, one that can help it rally.
Development activity on WLD skyrockets
Data from Santiment revealed that development activity for WLD has surged by 4960% over the last 30 days.
A significant hike in development activity is seen as a bullish indicator for the token. This means that the team is actively improving the project by resolving issues and integrating new features.
These enhancements strengthen investor confidence and encourage purchases that positively affect the token’s price.
Source: Santiment
Additionally, there has been a noticeable rise in Open Interest, a metric that measures investors’ commitment to the asset.
Insights from Coinglass indicated a 17.31% uptick in Open Interest for WLD. This can be interpreted as a sign of high retail investor interest in holding the token, instead of selling it.
Technical analysis provides conditions and targets for WLD
On the technical front, WLD recently broke out from an ascending channel. However, at press time, it was retracing.
This pattern typically indicates a bearish trend, suggesting the breakout may be a fake-out. It also seemed to point to the strong possibility of a return movement into the channel, with the price eventually breaking south.
Despite this, prevailing market developments might present two potential scenarios for a rally –
The price could reverse from its current trading position and hit the main target of $1.891. Or, it might drop to the support level at $1.434 before climbing to $1.891.
Source: Trading View
Should the price fall below this support level, WLD is likely to continue its descent to the bottom of the ascending channel.
