bullish

Worldcoin

Million

Coin

Note

<p>Over the last several weeks, the Worldcoin (<a href="https://www.thecoinrepublic.com/price-prediction/worldcoin-org/">WLD</a>) price has only registered a downtrend, greatly influencing investors’ moods.&nbsp;</p> 
<p>Although there was a spike in the middle of July, the bulls failed to sustain the gains and regressed the gains.&nbsp;</p> 
<p>Recently, Alameda has transferred 205,387 WLD tokens worth $352,000. Still, Alameda has held over 24 Million WLD tokens.</p> 
<p>Amid the bearish market sentiments, Worldcoin struggled to gain resilience and hovered below the key moving averages. With the ongoing downtrend, bears maintained their grip over the $3 mark and could not permit the bulls to cross the cluster.</p> 
<p>Following a bearish breakdown below the $4 mark, the WLD token extended the correction and fell toward the $1.30 mark. It noted a fresh 52-week low this week.&nbsp;</p> 
<p>Going forward, the negative cycle in the WLD price trend showed sellers’ dominance, and the token continued to trade under the bearish influence.</p> 
<h2 class="wp-block-heading" id="h-worldcoin-wld-price-faces-bearish-pressure"><strong>Worldcoin (WLD) Price Faces Bearish Pressure</strong></h2> 
<p>When writing, the Daily Chart of Worldcoin (WLD) represented a consistent downtrend and favored the bear cartel. If the token does not cross the $3 mark, further downturn risk is on the horizon.</p> <iframe loading="lazy" title="Santiment Chart: Price (WLD), Volume (WLD)" width="800" height="425" src="https://embed.santiment.net/chart?ps=helium&amp;pt=HNT&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-08-10T18%3A29%3A59.343Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bworldcoin-org%3BWLD%5D%3B%5B1%3Bvolume_usd%3Bworldcoin-org%3BWLD%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>The Relative Strength Index (RSI) curve floated in the oversold region. It had a reading of 38, guiding a negative outlook. Similarly, the CMF indicator had a negative value of -0.10, representing a bearish pressure.</p> 
<p>@Shelby, in his tweet, @Shelby said that WLD has completed the correction phase and is ready to go upward.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24WLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WLD</a> bullish <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f988.png" alt="🦈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/7hR8KLWGBJ">pic.twitter.com/7hR8KLWGBJ</a></p>— Shelby (@CryptoNewton) <a href="https://twitter.com/CryptoNewton/status/1821984010052292654?ref_src=twsrc%5Etfw">August 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>When writing, the price of Worldcoin (WLD) was declining, and it traded on a bearish track. The token price could barely hold ground over a constant bearish phase. This was evidenced by the continuation of lower highs and lower lows formation on the chart.</p> 
<h2 class="wp-block-heading" id="h-funding-rates-exhibited-a-negative-note"><strong>Funding Rates Exhibited a Negative Note</strong></h2> 
<p>As per the data from CoinGlass, the derivative data conveyed a negative outlook. The funding rate was on a negative note, around -0.040%. It implied that the current situation is handled by, most likely, short sellers, who pay for the privilege of keeping their positions open.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="245" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102-1024x245.png" alt="Funding Rate Data &nbsp; Source: Coinglass" class="wp-image-658739" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102-1024x245.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102-300x72.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102-768x184.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102-150x36.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102-696x166.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102-1068x255.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-102.png 1388w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Funding Rate Data &nbsp; Source: Coinglass
 </figcaption>
</figure> 
<p>It is also clearly seen that long positions cost more than short ones, which proves the bearish sentiment towards WLD.</p> 
<h2 class="wp-block-heading" id="h-futures-open-interest-and-development-activity-data-outlook"><strong>Futures Open Interest and Development Activity Data Outlook</strong></h2> 
<p>Despite the significant price correction, the development activity data looked flat around the 47 mark, close to the midline region. It meant the growth in the ecosystem was imminent.</p> <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (WLD), Development Activity (WLD)" width="800" height="425" src="https://embed.santiment.net/chart?ps=helium&amp;pt=HNT&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-08-10T18%3A29%3A59.343Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Btotal_open_interest%3Bworldcoin-org%3BWLD%5D%3B%5B1%3Bdev_activity%3Bworldcoin-org%3BWLD%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Also, the Open Interest saw a decline of over 2.07% to $125.95 Million. It signified the long unwinding activity in the past 24 hours, which directed a negative sentiment among the investors.</p> 
<h2 class="wp-block-heading" id="h-network-growth-data-remained-negative"><strong>Network Growth Data Remained Negative</strong></h2> 
<p>Amidst the significant bearish sentiment, the network growth curve saw a sharp dip. It dropped to the bottom, noted around 77, reflecting a negative stance.</p> <iframe loading="lazy" title="Santiment Chart: Daily Active Addresses (WLD), Network Growth (WLD)" width="800" height="425" src="https://embed.santiment.net/chart?ps=helium&amp;pt=HNT&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-08-10T18%3A29%3A59.343Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdaily_active_addresses%3Bworldcoin-org%3BWLD%5D%3B%5B1%3Bnetwork_growth%3Bworldcoin-org%3BWLD%5D&amp;wax=0%3B1&amp;wc=%23FFCB47%3B%23FF5B5B&amp;ws=%7B%22node%22%3A%22line%22%7D%3B%7B%22node%22%3A%22area%22%7D" scrolling="no"></iframe> 
<p>Furthermore, the daily active addresses data showed a downtick. It indicated that investors had lost their confidence in WLD and were unwilling to make fresh longs, resulting in a sustained price decline.</p> 
<p>If the Worldcoin token price crosses the 20-day EMA mark, it might shift the gains toward the upside of $2. The $2.30 mark would follow this in the short term.</p> 
<p>Conversely, if the token faces rejection near $1.90, it may slip toward the $1.50 mark and then to the $1.00 mark.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/11/worldcoin-wld-price-hovers-on-bearish-path-can-it-cross-2/">&nbsp;&nbsp;&nbsp;&nbsp;Worldcoin (WLD) Price Hovers On Bearish Path: Can It Cross $2?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Worldcoin (WLD) Price Hovers On Bearish Path: Can It Cross $2?

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