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Worldcoin: Can WLD Reclaim $4 Amid Sell-Off from Smart DEX Whales?
The cryptocurrency market has been witnessing a tumultuous period recently, with many assets experiencing significant losses. The recent sell-off by Smart DEX traders and whales has led to a substantial decline in the value of Worldcoin (WLD), which currently trades at around $2.40. However, amidst this downward trend, some observers are wondering whether WLD can possibly reclaim its previous highs near $4.
To understand this possibility, let’s examine the recent market dynamics surrounding WLD’s price action. The cryptocurrency has been in a strong bearish momentum since mid-2024, with no signs of a reversal. However, it’s crucial to analyze the current market conditions that could potentially impact the future trajectory of WLD’s price.
As per the data provided by Smart DEX Traders and whales took profits around $4 after a rally from $1.50 to the peak level. This event was followed by an extended downtrend, which has been interrupted at the $2.41 order block support. The persistence of this level suggests that there could be renewed buying interest around these levels.
Furthermore, the Moving Average Convergence Divergence (MACD) has shown a decrease in downward momentum, hinting at a potential change in sentiment within the market. If the price action breaks above $2.41 and WLD’s order block holds strong, it may lead to an upward reversal that could see WLD challenge levels above $4.
Additionally, analyzing the profitability of Worldcoin addresses reveals crucial insights into the sentiments of investors. As per data provided by IntoTheBlock, at the current price level, 66.51% of addresses are ‘in the money,’ indicating a potential support level since these holders are profitable. This suggests that a considerable portion of investors may be holding onto their positions, potentially providing a stabilizing effect should WLD’s price rise.
On the other hand, the situation could take an opposite turn if investors who were previously at a loss near the upper price points where they initially took profits see an opportunity to realize gains. This could result in the market hitting resistance and capping further gains.
In conclusion, while it is uncertain whether WLD can reclaim its previous highs around $4 amid the ongoing sell-off from Smart DEX whales, there are some factors that suggest this might not be entirely impossible. The resilience of the $2.41 order block support, along with a possible shift in market sentiment as indicated by MACD, could provide an avenue for WLD to recover.
However, it is essential for investors to remember that the cryptocurrency market is notoriously unpredictable and subject to sharp fluctuations. As such, any predictions should be taken with a grain of salt until verified by further evidence or concrete price action.
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Source: ambcrypto.com
