Worldcoin (WLD) Price Consolidates Near $2: Is Recovery Imminent

The Worldcoin ($WLD) price displayed range-bound movements close to the $2 mark and exhibited low-volume buying activity.

First, it looked like the beginning of a large upswing, but additional assessment warned that it could be otherwise. It is also noteworthy that Worldcoin ($WLD) has been constantly bearish for the past three months.

This month, the $WLD price departed from the crucial support zone around the $1.60 mark. It exhibited a bullish recovery and demand resurgence.

Still, the $WLD price failed to crack the 50-day EMA mark. It formed multiple doji candlesticks in the past few trading sessions, which delivered uncertainty and a lack of buying pressure.

Until the cluster of $3 breaches, fresh, one-sided buying action could not be possible. Notably, it was trading close to its 52-week low region and has been underperforming for the past few weeks.

The $WLD Price at Press Time

When writing, the $WLD price traded at $2.20 with an intraday drop of 3.20%, reflecting neutrality on the charts. Its trading volume dropped over 12.7% to $667.39 Million, delivering low-volume activity.

The pair of $WLD/$BTC was at 0.0000333 $BTC, and the market cap was $667.39 Million. Analysts were neutral and suggested that the $WLD price might continue to hover around the $2 mark ahead.

Worldcoin Stayed Flat: Price Action Outlook

Amidst the significant price recovery in this month’s first week, the $WLD price still hovered below the 20-day EMA mark. This guided a bearish structure.

The price action for the past two weeks signified that $WLD stays in a consolidation phase, guiding low investor interest. A demand surge and recovery were exhibited during the first week of July. However, a lack of follow-on buying action led to price consolidation.

The RSI curve stayed flat around 52 near the midline region, and a negative crossover was established on the charts.

What Do Social Metrics Say on Worldcoin?

The price action remained flat, but the social dominance activity plotted a spike of over 9% and jumped to 0.139%. It implied a surge in the investors’ chatter and discussions on social media platforms.

Notably, the development activity data looked flat around its mid-trajectory of 9.76. It noted a surge of over 3% this week.

The Majority of Holding Addresses are in Red

The Global In/Out of the Money (GIOM) indicator showed that only 12.18% of $WLD addresses are profitable. At the same time, more than 85% of its holders are underwater or facing unrealized losses.

Typically, when a large chunk of holders are making losses, chances of further selloff are reduced to a bit. Additionally, a recovery can be seen ahead.

GIOM Indicator | Source: IntoTheBlock

Selling $WLD at current price levels would lose more than 85% of its holders. This may be considered a way for buyers to begin accumulating. It can trigger a bounce to find a significant exit at the highs.

Futures Open Interest Data Noted a Decline

The Futures Open Interest data noted a decline of over 5.39% to $217.88 Million. It displayed a significant long unwinding activity in the past 24 hours.

Notably, if the $WLD price fails to hold above the $2 mark, it may fall toward the immediate support zone of $1.960 and $1.780.

In contrast, if the bulls sprint the recovery ahead, it may retest the uppermost hurdle of $2.50, followed by $3 soon.

The $WLD price action signified weak momentum, and investors did not look confident in accumulating $WLD at the current price levels.