Despite the massive drawdown, Worldcoin’s (WLD) price could be looking at recovery should the investors opt to accumulate.
Since the altcoin is observing the most intense overselling noted in the altcoin’s history, a revival could be at hand.
Worldcoin Investors Could Accumulate
Worldcoin’s price decline has created a solid opportunity for its investors to capitalize on the low price and add WLD to their wallets. This would also mean recovery for the altcoin, as noticed on the Relative Strength Index (RSI).
Worldcoin’s RSI has entered the oversold zone, indicating a significant surge of bearish cues. This has led to a drop in its price momentum, suggesting that the altcoin is currently undervalued and may be due for a rebound.
This dip is notable as it marks the largest decline and the highest overselling since the launch of Worldcoin. Generally, this area, below the 30.0 mark, is synonymous with recoveries, making it a bullish case for WLD.
Secondly, the Market Value to Realized Value (MVRV) ratio is also in the opportunity zone right now. The MVRV ratio evaluates investor profit and loss. At present, Worldcoin’s 30-day MVRV is -28%, signifying losses, which could trigger buying pressure.
Historically, WLD MVRV between -15% and -30% typically indicates the beginning of recoveries and rallies, representing an opportunity zone for accumulation.
Read More: How to Buy Worldcoin (WLD) and Everything You Need to Know
This could translate to gains for Worldcoin’s price.
WLD Price Prediction: A Rise After a Long Time
Worldcoin’s price has noted a 58% decline since the beginning of June until yesterday. At the time of writing, the altcoin can be seen changing hands at $2.3. It is hovering above the critical resistance of $2.0.
This level has remained unbroken since November 2023, and a dip to the same would mark an eight-month low for the altcoin. But considering the bullish cues, a bounce back is possible, sending WLD to $3.0. Breaching it would enable further rise for the altcoin.
Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030
However, a drop below $2.0 will invalidate the bullish thesis, as a drawdown from here will send WLD to $1.0. Recovery from this point would be significantly difficult.
The post Worldcoin (WLD) Overselling Hits Historical Highs as Price Nears 8-Month Low appeared first on BeInCrypto.
