Worldcoin – $8.85M whale buy fuels bullish setup for WLD’s $1.1 target
Worldcoin whale purchased 9.32 million WLD worth $8.85 million.
Key Takeaways
Worldcoin whales make a strong comeback with a whale acquiring 9.32 million WLD worth $8.85 million. The altcoin’s on-chain activity recovers, signaling WLD is potentially undervalued.
Since hitting a local high of $1.1, Worldcoin [WLD] has struggled on its price charts, dropping to a low of $0.86. At the time of writing, Worldcoin was trading at $0.924, denoting a 2.4% decline over the past 24 hours.
Interestingly, as Worldcoin retraced, investors, especially whales, returned to the market in the hope of accumulating the dip.
Worldcoin whales make a comeback
Since dropping and settling below $1, whales took the opportunity to dominate the spot market.
As such, Spot Average Order Size data from CryptoQuant showed that Big Whale Orders dominated throughout the past week.
Typically, when the Spot Market Records whale orders, it suggests that big players are either accumulating or selling.
Onchain Lens reported one such whale order. According to the on-chain tracker, a newly created wallet bought 9.32 million WLD, worth $8.85 million.
Often, a whale accumulation signals market conviction, which is a bullish signal. Equally, exchange activities also echoed this accumulation trend.
According to CoinGlass data, Worldcoin recorded a negative Spot Netflow for three consecutive days.
On the 29th of August, the altcoin’s Spot Netflow was at -$574k, signaling higher outflows compared to inflows.
Historically, higher buying pressure has preceded price increases when there is intense upward pressure on an asset.
On-chain activity strengthening too
Notably, in addition to substantial accumulation, more users are currently engaging with the network.
According to Santiment data, Worldcoin’s Price DAA Divergence has remained positive and sustainable over the past week.
A positive Daily Active Addresses (DAA) trend typically indicates that more unique users are engaging with the network, even if the price hasn’t yet reflected this growth.
This disconnect often signals a bullish setup, suggesting that demand may be underestimated, and the price could eventually rise to align with network activity.
Given current market dynamics, WLD appears undervalued, and its price may rebound to better reflect its expanding user base.
Can WLD finally rebound?
According to AMBCrypto’s analysis, Worldcoin is experiencing strong demand, especially from whales.
As a result, the altcoin’s Stochastic RSI surged to 55, at press time, after making a bullish crossover two days ago, signaling strengthening upward momentum.
Typically, when momentum indicators reach such levels, it signals a potential for upward movement to continue as buying pressure rises.
For the upward momentum to hold, WLD requires a clean daily close above (DMA 9) at $0.954.
At the time of writing, WLD was testing the short-term Moving Average (DMA 21) at $0.987. A breakthrough will set Worldcoin up for a move to $1.1.
Failure to do so will result in the altcoin pulling back to $0.86 support.
