Worldcoin (WLD) Predicted to Recover Despite Recent Price Drop
The Essentials in Brief
Despite a recent price drop of 45.17% within the last 30 days, on-chain data and market analysis indicate that Worldcoin (WLD) may soon experience a recovery and potentially reach the $7 mark. A deeper look into the Market Value to Realized Value (MVRV) ratio and the development of the circulating supply provides interesting insights into the potential price development.
Why Worldcoin Could Be a Buy
The analysis of the MVRV ratio, currently standing at -24.86%, suggests that many holders of WLD are currently having to accept unrealized losses. Historically, such a negative MVRV ratio has often been a harbinger of an impending price recovery. An example of this is the rise from $2.50 to $11.88 after a similar constellation in January. This data suggests that despite the current price drop, a good buying opportunity may exist before a renewed upward movement begins.
Supply and Demand in Worldcoin
Another factor arguing for a possible price increase is Worldcoin’s decision to increase its circulating supply to satisfy the demand for its orb-verified World IDs. This increase in circulating supply could, with increasing demand for the token, support the prediction of a price increase to $7. At the same time, a decline in the daily circulating supply to 1.87 million indicates that fewer WLDs are involved in transactions, which could minimize selling pressure.
Technical Analysis and Development Activity
From a technical point of view, WLD has formed a descending channel, but is finding support at $4.43, suggesting that an upward movement may be imminent. In addition, the Relative Strength Index (RSI) and the Money Flow Index (MFI) point to an impending recovery. Development activity in the Worldcoin network is also increasing, which suggests the imminent introduction of new features and could also be a positive indicator for the price.
Our Assessment
Despite the recent price drop, on-chain data and technical analyses show that Worldcoin has the potential to recover and reach the $7 mark in the near future. However, investors should closely monitor market conditions and the development of the circulating supply, as these factors will be crucial for price development. As always, it is important to conduct your own research and follow a diversified investment strategy.
Sources: Santiment, TradingView
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