Worldcoin [WLD] recorded another bout of intense selling. CoinMarketCap data showed the daily trading volume for the altcoin rose by 33.6%, even though we are heading into a weekend, which generally sees reduced volume.
Alongside the sizeable volume hike, the price fell by 13.55% in 24 hours. Meanwhile, Bitcoin [BTC] and Ethereum [ETH] shed 1.26% and 1.47% of their values in the same window, respectively.
Worldcoin-specific selling also triggered $4.68 million in long liquidations on Friday, 23rd October. The short liquidations on the day were only $517.8K by comparison.
Examining WLD’s price structure
On the 1-hour chart, a bullish structure was established in early September when the altcoin rallied past the swing level at $0.45 and closed a daily session above it. After retracing to a swing low of $0.356, the altcoin rallied to new highs at $0.619, keeping the bullish structure intact.
Worldcoin remained inside this bullish structure, despite the drawdown in recent days and the range formation of recent weeks.
The CMF was at +0.0, exactly neutral, highlighting the bulls’ and bears’ even influence on capital flows. The MACD was slowly falling towards neutral zero, while the RSI slipped below neutral-50 to signal a bearish momentum shift on this timeframe.
Worldcoin fails to sustain range breakout
In a recent report, AMBCrypto highlighted the short-term range formation between $0.46 and $0.58. On Wednesday, 21st October, the price closed a 4-hour session above $0.58, but this breakout didn’t last long.
Less than three days later, WLD had seen a 21.3% retracement, from $0.598 to $0.471 at the time of writing. The technical indicators unanimously showed sizeable capital outflows and downward momentum on the 4-hour chart.
Since the daily structure was bullish, not all hope may be lost though. The $0.48-range lows might be defended. Even if the short-term range is lost, swing traders can keep an eye on the 78.6% Fibonacci retracement level at $0.412 for a buying opportunity.
Final Summary
- Worldcoin’s price trajectory took a swift 180-degree turn earlier in the week, and shed nearly 22% in just over three days.
- Bulls still have a chance to turn the momentum around at the range lows or the $0.412 retracement level.
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