Worldcoin (WLD) has demonstrated impressive momentum in the cryptocurrency market over the past week, with its price steadily climbing back into the $2 range. While recent gains are noteworthy, a significant portion of its holders are still experiencing losses. This situation might contribute to reduced selling pressure as these investors hold out for potentially higher prices.
Worldcoin Holders: Are They Fueling a Bullish Trend?
Earlier this year, Worldcoin reached a peak price of approximately $12 before experiencing a substantial decline. By mid-April, WLD had lost 69% of its peak value, stabilizing in the $3-$4 range. This correction resulted in prolonged losses for many investors, and currently, around 71% of WLD holders remain in the red despite the recent price recovery.
Examining historical data reveals that only about 23% of WLD holders are in profit, while 6% are at break-even. However, if more holders choose to hold rather than sell, this sentiment could support a bullish trend. A combination of steady demand and limited selling could potentially drive prices higher.
WLD’s Growing Social Media Presence
In tandem with the price increase, Worldcoin’s social media presence has surged, reaching new heights in public attention. The token’s 7-day Moving Average Social Dominance—a metric that reflects how often an asset is mentioned across social platforms—has significantly increased from 0.021% to 0.30%.
The recent surge in social mentions was further propelled by a significant funding announcement by OpenAI, a company with which Worldcoin shares a connection through OpenAI’s co-founder, Sam Altman.
WLD Price Forecast: Is $2.47 Within Reach?
Technical analysis for Worldcoin indicates promising signs, with a 27% gain from recent lows and bullish signals in its Exponential Moving Average (EMA) lines. On October 6, WLD’s short-term moving averages crossed above its long-term averages, forming what is known as a “golden cross,” a strong bullish indicator.
If Worldcoin maintains its current trajectory, analysts predict it could soon test the $2.18 resistance level. Successfully surpassing this level might allow WLD to reach as high as $2.47, a price it hasn’t achieved since July 2024, representing a potential 23.5% increase from current levels.
Conversely, on the downside, if the market turns bearish, WLD has established support at $1.59, $1.51, and $1.38.
Conclusion: The Road Ahead for Worldcoin
Worldcoin’s recent performance in the crypto market has captured the attention of investors and analysts alike. With its price steadily increasing and a notable boost in social media presence, WLD is positioned at a pivotal moment. The actions of its holders, whether they decide to sell or hold, will play a critical role in shaping its future trajectory. As the crypto market continues to evolve, keeping an eye on Worldcoin’s developments could offer valuable insights for potential growth and investment opportunities.
