Worldcoin’s (WLD) price is reacting unexpectedly this week, with many expecting a surge in price that never came.
This is despite the Sam Altcoin-founded token celebrating its first birthday, and the first major token unlock.
Worldcoin Remains Docile
Worldcoin’s price was expected to rise over the last 24 hours as July 24 marked not only the first year of WLD’s existence but also the first token unlock. As announced by the team on July 16, every day starting tomorrow, 2 million WLD of the tokens allocated to the investors and team members of Tools for Humanity (TFH) will be unlocked.
This will continue until 2028 when the entire supply held by TFH will be unlocked for investors. However, both events proved insignificant, as the price remained relatively unchanged.
The Relative Strength Index (RSI) continued its decline on the daily chart. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. Typically, an RSI above 70 indicates overbought conditions, while an RSI below 30 suggests oversold conditions.
The decline below the neutral line indicated rising selling pressure among investors toward the altcoin.
Read More: How to Buy Worldcoin (WLD) and Everything You Need to Know
A surge in new investors further substantiates this. The adoption rate of Worldcoin, which is generally stable around 30%, rose to 52% on Tuesday. The adoption rate shows the percentage of new addresses making their first transaction on the network.
Their growth was also the result of the aforementioned events, but it is a bearish development. This is because these investors are generally short-term holders who are prone to selling.
If their theoretical actions materialize, the altcoin could be looking at a further decline.
WLD Price Prediction: Down and Downer
Worldcoin’s price at $2.12 has dropped by more than 27% in the last eight days after failing to breach $3.0. Breaking through this resistance would have triggered a recovery for WLD.
However, since that didn’t happen, and bullish events failed, too, due to broader market bearish cues, further decline is likely. If WLD loses support at $2.0, a drop to $1.7 or lower could be the next step.
Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030
On the other hand, a bounce-off of $2.0 could help Worldcoin’s price recover and take back $2.5 as a support level. This could push WLD higher towards $3.0, breaching, which would invalidate the bearish thesis.
The post Worldcoin’s (WLD) Price Fails to Rally Despite Two Major Events appeared first on BeInCrypto.
