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Worldcoin (WLD) Surges Despite Token Unlock Concerns – Technical Analysis Shows Bullish Momentum
In a surprising turn of events, Worldcoin’s WLD token has defied expectations and surged despite concerns surrounding the daily 2 million token unlocks. As the market absorbs these new supply increases, technical analysis suggests that this bullish momentum may continue to drive the price upwards.
As of today, the WLD price is trading at $1.18, a significant departure from previous concerns about token dilution. Despite initial uncertainty, investors seem to have already priced in the majority of unlock impact, which could prove beneficial for those looking to enter the market.
A closer examination of the MACD configuration reveals a positive histogram with a reading of 0.0182, indicating growing bullish momentum and support from various moving average levels. The WLD RSI currently sits at 57.23, suggesting the token is poised for upward movement before reaching overbought conditions.
While regulatory challenges remain a significant headwind for Worldcoin’s growth, investors should be heartened by the recent technical developments. The partnership announcements with gaming giant Razer and dating platform Match Group could potentially revitalize institutional interest, driving the price higher.
However, traders must also consider the ongoing token unlocks as they develop their trading strategies. This daily supply increase may create pressure on the WLD price over time, especially considering its proximity to the 200-day SMA at $1.16.
To ensure successful trading, it is essential for investors to maintain a risk management approach incorporating position sizing and stop-loss placement.
Source: Blockchain.News
