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Worldcoin could fall to $1.28 as selling activity rises – Why?
The price of Worldcoin (WLD) has been declining steadily over the past month, with a significant drop in recent days. According to the latest data, WLD is at risk of falling even further, potentially reaching its September low of $1.284 if the current trend continues.
Technical indicators such as the Parabolic SAR and Relative Strength Index (RSI) suggest that there are strong bearish forces at play, increasing the likelihood of further price declines. The Parabolic SAR indicator has formed dots above the price level, indicating downward pressure on WLD’s value. Meanwhile, the RSI reading is extremely low at 39.49, suggesting high selling pressure and a potential drop to $1.28.
Furthermore, an increase in contract closure and decreased open interest have led to bearish sentiment gaining strength. The data shows that open interest has dropped by 4.52% to $286 million, while trading volume has plummeted by 17.97% to $431 million. This indicates a growing aversion towards WLD among market participants.
However, it is essential to note that this decline could be delayed if the development activity of Worldcoin continues to increase. The project’s growth and progress may counteract the negative sentiment and mitigate additional losses for the asset.
This recent surge in development activity has propelled Worldcoin into one of the top projects in terms of improvement, with a 240% rise over the past 30 days, surpassing other notable projects like Arbitrum according to Chain Broker.
Source: ambcrypto.com
