Worldcoin (WLD), the native cryptocurrency of the Worldcoin ecosystem, has been making waves in the crypto market recently. As one of the top-performing digital assets among the top 100 cryptocurrencies by market cap, WLD has caught the attention of traders and investors alike.
Institutional Demand Drives WLD Price Surge
In the past 24 hours, Worldcoin has seen nearly a 4% price increase, currently trading close to $0.50. This surge is largely attributed to Lookonchain data revealing that Multicoin Capital, a major investment firm, purchased 60 million WLD tokens at an average price of $0.50 using 30 million USDC in an over-the-counter (OTC) transaction. Such high-volume purchases underscore the strong institutional demand for WLD.
Furthermore, Santiment data shows that trading volume for WLD reached $1.46 billion on Wednesday, the highest it has been since July 2024. This significant rise in volume reflects growing trader interest and improved liquidity, paving the way for potential bullish movements in the near term.
Whale Activity Signals Confidence in WLD
Another contributing factor to WLD’s recent rally is the accumulation of the token by cryptocurrency whales. Santiment’s Supply Distribution data indicates that entities holding between 10 million and 100 million WLD tokens, and those holding between 1 million and 10 million tokens, have collectively purchased 150.59 million WLD tokens over the past week.
This large-scale accumulation at recent price dips suggests that whales are confident in Worldcoin’s future growth, further boosting its bullish outlook.
Price Analysis and Forecast
Despite gaining 4% in the last 24 hours, WLD’s 4-hour chart exhibits a bearish pattern in the short term. At the time of writing, WLD trades around $0.498. If bullish momentum continues, the cryptocurrency could test the daily resistance level at $0.56. A successful breakout above this level might lead to a rally toward the 50-day Exponential Moving Average (EMA) at $0.63.
The Relative Strength Index (RSI) is currently at 49 and pointing upward. To sustain this momentum, WLD’s RSI must move above its neutral level of 50. On the downside, failure to maintain the current bullish trend could result in WLD dropping to its recent low of $0.47.
How to Buy Worldcoin (WLD)
If you’re looking to purchase WLD, platforms like eToro provide an easy solution for accessing Worldcoin along with other popular cryptocurrencies. eToro offers an intuitive interface, multiple payment methods, and the ability to copy the strategies of successful traders. However, always keep in mind the volatility of cryptocurrency markets and ensure you’re aware of the risks involved.
Conclusion
As WLD demonstrates increasing demand and whale accumulation, it stands out as a cryptocurrency to watch in the coming weeks. While it faces potential resistance near the $0.56 level, continued bullish momentum could see WLD breaking past key price points. Investors should remain cautious and informed as they navigate the evolving Worldcoin market.
