Why Worldcoin remains popular despite the price slump

• Worldcoin has reached a milestone of over one million monthly active users.
• WLD’s price rose in the past few weeks due to the market’s general rally.

Amid a steady decline in the value of its native token, Worldcoin [WLD] has announced that it currently has more than one million monthly active users, four million downloads, and 22 million transactions, suggesting that the project is still gaining traction.

Realistic or not, here’s WLD’s market cap in ETH terms

The decentralized identity project also claimed that the growth in its app downloads since launch has earned it the position of the “6th most popular hot wallet in the world,” according to a report published by CoinGecko.

WLD is “safe” in the hands of the bulls for now

WLD’s price has trended upward since 19 October due to the general market growth. Exchanging hands at a three-month high of $1.88 at press time, the token’s value has since increased by almost 30%.

The increase in demand for WLD since the uptrend began put the bulls in control of the daily market. According to readings from its Directional Movement Index (DMI) indicator, the token’s positive directional index (green) rested above the negative directional index (red). 

When these indexes are so positioned, it suggests that the upward movement of prices in the market is stronger than the downward movement. It is taken as a bullish signal as it suggests that the uptrend is likely to continue 

Likewise, WLD’s Relative Strength Index (RSI) and Money Flow Index (MFI) were spotted above their neutral lines at press time. This suggested that token accumulation outpaced distribution. The token’s RSI was 59, while its MFI was 74.31.

In addition, WLD’s Chaikin Money Flow (CMF) sat above the zero line at the time of writing. A CMF value above zero is a sign of strength in the market as it indicates an inflow of liquidity into the asset’s spot market, which might drive up its value. 

Source: WLD/USDT, TradingView

How much are 1,10,100 WLDs worth today?

WLD in the futures market

WLD’s funding rates have been consistently positive since 24 October. This marked the first time the altcoin will record steady positive funding rates over a ten-day period since August.

Source: Coinglass

However, the decline in open interest recorded during the same period indicated that while the long traders are paying short traders to keep their positions open, there is less money flowing into the market.