Worldcoin (WLD) Price Plummets 10.4% as Whale Transfers $3.33M to Binance

In a financial maneuver, a cryptocurrency whale transferred 624,479 $WLD tokens, valued at approximately $3.33 million, into the Binance exchange to mitigate further losses. However, this action resulted in an estimated $50k financial setback.

A whale deposited all 624,479 $WLD($3.33M) accumulated in the past month into #Binance to stop losses, losing ~$50K.

He accumulated 624,479 $WLD($3.38M) from #Binance in the past month at an average price of $5.42 and then deposited it into #Binance 4 hours ago.… pic.twitter.com/bz4KNUb5vI

— Lookonchain (@lookonchain) May 14, 2024

As reported by Lookonchain in an X (formerly Twitter) post, the financial activity commenced with the whale buying the tokens, totaling a spend of approximately $3.38 million over the past month.

Lookonchain noted:

He accumulated 624,479 $WLD($3.38M) from #Binance in the past month at an average price of $5.42 and then deposited it into #Binance 4 hours ago.

During this accumulation phase, the tokens were bought at an average price of $5.42 each. The subsequent deposit back into Binance was aimed at curtailing losses as market conditions shifted.

WLD Coin Price Action

Despite a 5% gain in the monthly chart, Worldcoin’s WLD token, linked to Sam Altman’s iris-scanning project, has seen a significant weekly decline of 15.72%. As of press time, the token’s price stands at $5.158, marking a 10.4% decrease from the previous day, continuing its bearish trend.

WLD/USD 24-Hour Chart (Source: CoinStats)

Worldcoin’s market capitalization also declined by 9.77% to settle at approximately $1.09 billion. This decrease has shifted WLD’s ranking, positioning it as the 72nd-largest cryptocurrency by market capitalization.

Such fluctuations are critical as they affect the token’s visibility and investor confidence. Contrasting with the decline in its market cap and price, the trading volume of the WLD token tells a different narrative.

There has been a substantial increase in trading activity, with a 72.77% rise in the past 24 hours, pushing the trading volume to $648.76 million. This spike suggests that despite the downward trend in price, interest in trading the WLD token remains high, likely indicating speculative trading or investors buying the dip.

WLD’s Bear Power Intensifies

The WLD token is approaching a critical support level at $5.04 on the 4-hour chart. If the prevailing bearish sentiment continues, this support level may be breached, potentially leading to further price declines towards the next support level at $4.19.

WLD/USD 4-Hour Chart (Source: Tradingview)

If this lower level is also breached, the WLD token might then set its sights on reaching the bulls’ target by challenging the lows seen in April. Conversely, if the $5.04 support level proves strong, the WLD token could experience a price rally.

This upward movement could challenge the resistance level near the 78.6% Fibonacci retracement. Breaking through this resistance could potentially propel the WLD prices toward the bulls’ target, surpassing the $7.49 mark.

From a technical analysis perspective, the MACD indicator underscores the bearish sentiment, displaying a sharp downward trajectory. Positioned at 0.0108 below both the zero line and the signal line, the MACD indicates that the bearish momentum in the WLD market is likely to continue in the short term.

WLD/USD 4-Hour Chart (Source: Tradingview)

This is further corroborated by the MACD’s histogram, which shows enlarging red bars below the zero line, reinforcing the strength of the current bearish mood. In parallel, the Bull Bear Power indicator also contributes to this analysis, showing widening bars beneath the zero line.

These indicators, collectively, point to gaining momentum in the downward trend of the WLD token market, indicating that this movement may continue for the foreseeable future.

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