- Sentiment around WLD turned bullish.
- Most market indicators also hinted at a continued rally.
Worldcoin [WLD] has been creating buzz in the crypto space over the last few weeks, thanks to its price rise and hype around AI tokens.
Recently, the token also broke above a key level, allowing it to register double-digit growth.
Decoding Worldcoin’s rally
Scofield, a popular crypto trader, recently posted a tweet highlighting the fact that the blockchain went above a key resistance level. This breakout allowed WLD to begin yet another bull rally.
According to CoinMarketCap, WLD was up by more than 45% in the last 24 hours alone.
At the time of writing, Worldcoin was trading at $10.41 with a market capitalization of over $1.5 billion, making it the 71st largest crypto.
Because of the massive price rise, its Social Volume rose on the 9th of March. Its Weighted Sentiment improved as well, meaning that bullish sentiment around the token had turned dominant.
Source: Santiment
AMBCrypto then took a look at other metrics to find what supported this surge. As per our analysis of Santiment’s data, buying pressure on WLD went up.
This was evident from the drop in its supply on exchanges in the last few days.
Another positive metric was its high whale transaction count, which hinted that the big players were trading WLD.
WLD’s Open Interest also rose, which implied that the concurrent uptrend to continue.
Source: Santiment
Will Worldcoin’s bull rally last?
AMBCrypto then took a look at Hyblock Capital’s data to see where WLD might face resistance. We found that after touching $11.08, the toke price witnessed a slight correction.
Therefore, to maintain a bull rally, Worldcoin must overcome that barrier while avoiding high selling pressure.
Source: Hyblock Capital
To determine whether the possibility of WLD crossing $11 is viable, AMBCrypto checked its daily chart. As per our analysis, Worldcoin’s Chaikin Money Flow (CMF) rebounded from the neutral mark.
Realistic or not, here’s WLD market cap in BTC’s terms
Additionally, its MACD also displayed a bullish crossover, indicating the WLD might continue its bull rally.
However, the Relative Strength Index (RSI) was about to enter the overbought zone. If that happens, selling pressure on the token might increase, which can result in a price correction.
Source: TradingView
