Oct 27, 2024

6thTrade

Worldcoin (WLD) saw an impressive climb beginning in early September, with its price touching $2.46, signaling optimism for investors. Yet, the recent downturn has cast a shadow on this sentiment, leaving many holders facing losses and awaiting a much-needed recovery. $WLD

Investors Feel the Pain as Worldcoin Dips

Over the last 24 hours, Worldcoin’s price plunged nearly 19%, hitting a new intra-day low and dampening market optimism. This decline was more than just a dip; it marked a significant shift in the percentage of profitable holdings. The proportion of WLD supply in profit dropped from 87% to 70%, translating to roughly 97.36 million WLD, worth over $194 million, slipping from profit into loss in a single day.

For investors, this swift change has understandably rattled confidence. As more holdings sink into the red, it’s created a growing concern that enthusiasm may soon give way to a more cautious outlook.

Worldcoin Supply Dynamics

On a broader scale, Worldcoin faces additional challenges. Global In/Out of the Money (GIOM) data reveals that about 2.79 billion WLD, valued at $5.58 billion, turned unprofitable due to the recent 18% drop. This supply reflects holdings purchased when WLD was trading between $2.04 and $2.45, meaning a full recovery to $2.46 would be necessary to bring these holdings back to profit.

The $2.46 mark now acts as a key resistance level. Breaching it could restore some investor gains and reaffirm confidence in Worldcoin’s long-term potential.

WLD Price Outlook: Restoring Investor Confidence

Worldcoin’s 18% drop this week, from $2.46 to $1.99, has cooled hopes of an earlier predicted climb to $3.00. While this target once signaled a potential 22% gain, the path forward now looks uncertain as WLD faces several resistance points.

To rebuild momentum, it’s crucial for Worldcoin to find support around $2.11. If this base holds, it could set the stage for a price rebound, potentially restoring some of the lost confidence. However, should the price fail to breach $2.11, the risk of a further drop to $1.74 becomes more likely. Such a move could deepen losses and dampen optimism, perhaps leading to more conservative investor positioning in the market.

In a space where market sentiment drives much of the price action, Worldcoin’s future performance hinges on its ability to regain investor trust by moving back toward profitability.


Credit images : santiment

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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.