The post Worldcoin hits key $2 level – THIS might push WLD to $3 appeared on BitcoinEthereumNews.com.

Worldcoin has surged ahead of major altcoins in the last 24 hours. AMBCrypto has uncovered the key drivers behind this impressive rally. Worldcoin [WLD] has broken free from nearly two months of bearish consolidation. It retested the key $2 rejection level with an impressive 11% surge and a remarkable 100% spike in volume over the last 24 hours, outpacing many major altcoins. Bulls now face a crucial test to maintain this range. Unlike previous attempts hindered by Bitcoin’s downward swings, current optimism is palpable, setting the stage for a potential $3 breakout. Most Worldcoin holders are in a loss position Worldcoin, aimed at building the largest financial network, surged to an ATH of $11.9 within a year of its launch, typically coinciding with Bitcoin’s ATH of $73K in March. Notably, WLD exhibited broader user engagement, with an RSI peaking at 94 and a CMF at 40.  AMBCrypto’s analysis indicates that this surge was driven by aggressive buy-outs, suggesting many holders are now facing net losses.Significantly, around 4.28K addresses, holding 1.54 million Worldcoin, purchased at an average price of $8 – substantially higher than the current price of $2.14. Source : IntoTheBlock While this situation appears bearish, as breakeven could lead to realized losses, these holders are likely to retain their positions. On the flip side, a retracement to $1.93 could be more concerning, as it might attract liquidity of around 4 million WLDs. Traders cashing in on every surge Interestingly, every time Worldcoin approaches a critical level, it often coincides with a surge in net inflows the following day. For instance, in mid-July, when bulls attempted to stave off a pullback, WLD surged by 11% in a single session, but a subsequent spike in deposits acted as resistance the next day. Source : Glassnode Put simply, even a minor surge…

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Filed under: News - @ September 27, 2024 6:24 am