Worldcoin (WLD) has experienced a significant decline, raising concerns among investors. The token, currently priced at $3.18, has dropped 7.90% in the last 24 hours. Over the past seven days, WLD has seen a significant decrease of 20.83%, pushing its market capitalization down to approximately $770.52 million. This decline comes after a prolonged period of ranging between $6.5 and $4.2, followed by a breakdown from the $4.2 support level on June 8th, resulting in a 21% price drop.
In the last 24 hours, WLD has been on a bearish trend, continually retesting the trendline support that has been at a crucial level multiple times. Despite this, there is a slight indication of bullish momentum building up as the price attempts to stabilize. The price movement today shows a continuous downward trend, dipping from a high of $3.45 to its current level of $3.18, which is dangerously close to its all-time low.
Worldcoin (WLD) Technical Analysis: Downward Trend Persists
Worldcoin (WLD) is currently experiencing a sustained downward trend, trading near the key support of $3.0. The 4-hour chart reveals that WLD has been consistently trading below its key moving averages (20, 50, 100, and 200 SMA), indicating strong bearish momentum. The moving average ribbons show significant separation, reinforcing the persistent downtrend. The current price is significantly below the 20 SMA at $3.40, the 50 SMA at $3.72, the 100 SMA at $4.22, and the 200 SMA at $4.53, highlighting a substantial resistance above the current level.
The Chaikin Money Flow (CMF) indicator is at -0.31, signaling strong selling pressure and reduced buying interest. This negative CMF value aligns with the broader market sentiment, reflecting a lack of confidence among investors. The continuous retesting and failure to sustain above the moving averages further confirm the bearish outlook. The next critical support level to monitor is around $3.00, while any potential reversal would need to break through multiple resistance levels, starting with the 20 SMA at $3.40.
