Worldcoin price remains rangebound, but traders intensify accumulation
Worldcoin’s price has traded in a narrow range since the beginning of the month.
Accumulation has, however, climbed as new demand flocks in.
The price of Worldcoin [WLD] has been trading sideways since the beginning of September, but accumulation among daily traders has climbed, an assessment of the alt’s price movement on a daily chart showed.
Source: CoinMarketCap
Is your portfolio green? Check the WLD Profit Calculator
At press time, WLD traded at $1.09. With a 63% decline in the alt’s value since launch in July, recent accumulation activity becomes noteworthy.
The steady decline in value has been due to the regulatory concerns that have plagued the project since it was launched.
With mounting regulatory scrutiny, the social activity around the WLD token has dwindled, suggesting that interest in it has dropped significantly.
What has happened in the last week?
On 7 September, WLD reached its highest level in two weeks and exchanged hands at $1.37. On-chain data showed that the day was marked by an uptick in the number of daily active addresses that traded the altcoin and new demand for it.
According to Santiment, the count of unique wallet addresses that completed WLD transactions on 7 September totaled 246, growing by 15% from the previous day’s 213 addresses. This represented the token’s highest daily active address count since 16 August.
The token also saw an uptick in new demand on that day. About 86 new WLD addresses were created, and this demand contributed to the price growth recorded.
Source: Santiment
Whales took advantage of the intraday price rally to execute large trades. Data from Santiment revealed a significant spike in the number of WLD transactions worth over $100,000 and $1 million completed on 7 September.
On that day, 27 WLD transactions worth above $100,000 were executed. This represented a 1250% increase from 2 completed a day prior. Also, 9 whale transactions over $1 million were completed on the same day. Whereas on 6 September, only one was recorded.
Due to the jump in the network activity, the K line (blue) of the altcoin’s Stochastic RSI indicator had crossed the 80 line by 8 September, suggesting that WLD was briefly oversold.
The Stochastic RSI indicator measures momentum and identifies overbought and oversold conditions in the market. With distribution outpaced by accumulation at press time, the K line of the indicator was spotted at 61.74%.
How much are 1, 10, or 100 WLD worth today?
Will it be worth it?
A look at how profitable WLD investments have been since the project launched revealed that 94.02% of all addresses holding the token do so below their cost basis. According to data from IntoTheBlock, 5,900 addresses holding the asset are at a loss.
Conversely, only 64 addresses were deemed to be “in the money,” data from IntoTheBlock showed.
The post Worldcoin price remains rangebound, but traders intensify accumulation appeared first on Crypto News Australia.
Filed under: Bitcoin - @ September 12, 2023 1:12 am