news 
Worldcoin could fall to $1.28 as selling activity rises – Why?
The decline in WLD’s price isn’t over yet and could extend further. According to the latest market analysis, there is a significant risk that Worldcoin [WLD] may drop all the way down to its September low of $1.284.
A recent spike in bearish pressure has led to an 11.7% loss of WLD’s value over the past month, with an additional 5.74% decline seen on the daily timeframe. The data suggests that the asset is under strong bearish control, heightening the probability of further losses.
The Parabolic SAR (Stop and Reverse) and Relative Strength Index (RSI) technical indicators have both indicated a high level of selling pressure, with the dots above the price indicating bearish sentiment and the RSI reading 39.49, signifying strong bearish influence. This is not a good sign for WLD investors.
Meanwhile, contract closure has led to an increase in Open Interest, signaling that market participants are closing their positions. The Open Interest dropped by 4.52% to $286 million, further reinforcing the notion that the bears are firmly in control and could cause even more damage.
Furthermore, the decline is supported by a significant drop of 17.97% in trading volume to $431 million. This has led to a market where the majority of traders have abandoned ship, leaving very little support for the asset’s price.
In conclusion, Worldcoin may be heading towards its September low of $1.284 due to overwhelming bearish pressure and the absence of significant support from market participants.
Source: ambcrypto.com
