- Data revealed that exchanges have witnessed a $20.20 million worth of WLD outflows.
- If Worldcoin holds above the $2.5 level, it could soar by 30% to reach the $4 level in the future.
Worldcoin [WLD] is gaining significant attention from crypto enthusiasts following its recent breakout and impressive upside momentum. This breakout has not only attracted investors but also pulled the interest of whales and institutions, as reported by the on-chain analytics firm IntoTheBlock.
Worldcoin large txn volume jumps by 252%
IntoTheBlock’s data revealed that the large transaction volume of WLD has surged by 252%, signaling growing confidence from whales and institutions.
However, this significant surge in trading volume was observed during a period when market sentiment across the cryptocurrency landscape was unpredictable due to notable fluctuations in asset prices.
In addition, Coinglass’s WLD spot inflow/outflow data revealed that exchanges have been consistently experiencing significant WLD outflows. Over the past 48 hours, exchanges have recorded a substantial $20.20 million worth of WLD outflows.
Source: Coinglass
The term “outflow” refers to the transfer of assets from exchanges to wallets, signaling that long-term holders are withdrawing the token. This continuous outflow from exchanges suggests a bullish trend, hinting at potential upside momentum and presenting a favorable buying opportunity.
In addition to the rising interest from whales and institutions, traders also appear bullish, as reported by Coinglass. WLD’s long/short ratio currently stands at 1.05, indicating a strong bullish sentiment among traders.
At press time, 51.25% of top WLD traders held long positions, while 48.75% were short positions.
Worldcoin technical analysis and key levels
However, this notable interest by industry giants appears following the bullish price action pattern.
According to AMBCrypto’s technical analysis, WLD appears bullish, having recently bounced off the $2.5 support level and formed a bullish engulfing candlestick pattern on the daily timeframe.
Source: TradingView
With recent price action, there is a strong possibility that WLD could soar by 30% to reach the $4 level in the coming days. However, this bullish thesis will remain valid only as long as the token trades above the $2.5 level, otherwise, it may falter.
Realistic or not, here’s WLD’s market cap in BTC’s terms
On the positive side, WLD’s Relative Strength Index (RSI) currently stands at 52, below the overbought territory, indicating that the token has enough room to rise significantly in the coming days.
As of this writing, WLD was trading near $3.08 and has registered a price decline of 3.3% in the past 24 hours. During the same period, its trading volume decreased by 30%, signaling lower participation from traders and investors compared to the previous day.
