Whales Sees WLD as Opportunity After Massive Buy: Will This Affect the Market?

Lookonchain, a market analytics platform, recently announced on X that whales and various institutions are accumulating Worldcoin (WLD). Based on the analysis, a fresh wallet withdrew 4.12 million WLD from OKX and Binance in the past 3 hours.

Institutions such as GSR have accumulated 7.4 million WLD since August 29. Moreover, Amber also withdrew 500,000 WLD from OKX recently. These accumulations have the potential to greatly affect the price of the Worldcoin token.

Whales and institutions are accumulating $WLD.

A fresh wallet withdrew 4.12M $WLD($6M) from #OKX and #Binance in the past 3 hours.#GSR has accumulated 7.4M $WLD($10.8M) since Aug 29.#Amber withdrew 500K $WLD($730K) from #OKX 2 hours ago for the first time after 87 days. pic.twitter.com/j0JqdHAIiQ

— Lookonchain (@lookonchain) October 19, 2023

Despite the huge amount of accumulation from whales and institutions, WLD seems to be facing a huge downfall over the one-day period. According to CoinMarketCap, WLD was changing hands at $1.49 after witnessing a devastating blow of 7.17% in 24 hours. However, this massive purchase of WLD did rattle the trading volume of the altcoin. WLD’s trading volume over the 24-hour period is recorded at $56,136,326 after experiencing a 20.32%.

WLD/USDT 2-Hour Chart Showing Bollinger Bands (Source: TradingView)

Looking at the WLD/USDT 2-hour chart, the candlestick was facing a downfall for a day as it was hugging the lower band of the Bollinger Bands. Since the movement of the lower band was straight downward, the candlesticks observed a similar trading movement. Although the candlesticks seem to be residing in the red region, a recently formed price action could be an early signal for a breakout into the top half of the Bollinger Bands.

The RSI, valued at 40.88, also confirms this hypothesis that the candlesticks continue to move upwards for some time. One of the indications for a possible run could be assumed through the RSI’s bullish crossover.

The RSI crossing above the SMA is a popular signal among traders, often seen as an upcoming bull season in the market. The question still remains whether the whales and institutions would take advantage of any future bull run that could negatively affect the market.

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