Will Worldcoin plummet to new all-time lows?

• WLD indicated bullish momentum after retesting key trendline support.
• Whale transactions and development activities signaled a potential reversal.

Worldcoin [WLD] has witnessed a dramatic decline that has got investors concerned.  As it approaches an all-time low, the question arises — is this is the bottom, or is its long-awaited reversal coming?

Let’s find out –

WLD has been ranging between $6.5 and $4.2 levels for the last two months before breakdown from the $4.2 support level. The price has plummeted by around 21% since its breakdown on the 8th of June. 

WLD has retested the trendline support-that has been retested several times-and it is steadily building bullish momentum.

As of writing, CoinMarketCap priced WLD at $3.46, a 6.29% drop in the last 24 hours and a 20.83% drop in the past seven days. Its market capitalization was $834 million. 

WLD’s volume surged by 16.03% to $174 million in the last 24 hours.

Source: TradingView

The stochastic RSI (2.70) indicated an oversold zone that could trigger a price reversal if the bullish momentum tightens it muscles.

Is there a glimmer of hope for Worldcoin?

AMBCrypto analyzed Santiment’s whale and development activity data to find out if they backed a reversal or a further dip.

Development activity has been rising steadily, indicating investors confidence in long-term WLD viability. 

Whale transactions had several spikes as well, suggesting that large holders might be accumulating as they found a key area to enter the market. This could trigger the price up for a potential reversal.

Source: Santiment

What does liquidation heatmap have to add?

The liquidation heatmap reveals zones of high liquidation level are concentrated at around $4.0, which could act as price magnets and push the prices up.

This suggested that the market had a bullish bias at press time, and that WLD was likely to surge to fill the gaps.

Source: Coinglass

Should you brace yourself?

Despite the overall WLD market bias being bearish, several indicators suggested that we may be nearing a critical reversal point. 

Is your portfolio green? Check out the WLD Profit Calculator

The convergence of rising whale activity, sustained development activities, and a retest of the trendline support a potential reversal.

However, if WLD breaks below the support level, the price may dip further.