Worldcoin’s WLD Crypto Price Pumping: Here’s Why

2024-7-17 11:15

Worldcoin’s native token, WLD, has been rising in value over the past four days, with the most gains, more than 50%, coming in the last two days. This price spike has been triggered by a combination of price action and fundamentals, which have formed positive sentiment in the Worldcoin ecosystem.

The price action of WLD in the last 48 hours has been characterized by large green candles, a pattern not observed since May, breaking the bearish price action seen in recent weeks.

A closer look at the technical indicators reveals that WLD found a local bottom around $1.7, followed by a period of consolidation between $1.7 and $2.0 for 10 days. This sideways trading pattern could be interpreted as a phase of accumulation by bullish investors, setting the stage for the eventual breakout we’re currently witnessing.

Indicator Analysis: RSI and MACD Raise Optimism for WLD Growth 

The Relative Strength Index indicator is at 60. Showing that the price is not yet in an overbought position and still has much space to run before a major retracement can be expected. 

The Moving Average Convergence Divergence Indicator also shows that the trend is up and the histogram volume is at its highest since mid-May. This signals strong buying momentum in the market.

Descending Trendline Resistance Could Shorten the Rally

However, one thing to note is that the price is still trading below a descending trendline that has been a resistance to price in the past. The price now approaches that level again, and this could make short-term holders start to drop their positions. 

For the bullish move to continue, the WLD price must break above the trendline resistance. Failure to break above the descending trendline could make the price continue its downward trend. 

Positive Sentiment Driving Price Action

An announcement from the Worldcoin team made on July 16 may be contributing to the positive sentiment surrounding WLD. The team has revealed changes to the token unlock schedule for investors and team members of Tools for Humanity (TFH), the company behind Worldcoin.

WLD tokens allocated to TFH investors and early contributors were originally scheduled to begin unlocking daily in a linear fashion over three years, starting on July 24, 2024. However, the Worldcoin Foundation announced that the unlock schedule for approximately 80% of these tokens would be extended from three to five years.

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This extension means that after the initial lock-up period (which ends on July 24, 2024), the affected tokens will now unlock more gradually over the following four years, with the process concluding by the end of July 2028.

Potential Impact on Market Sentiment

Adjusting the vesting schedule to get longer could be seen as a bullish signal for reasons that include the following:

Reduced Selling Pressure: Token unlocks are typically seen as bearish events because they increase the circulating supply of tokens, and there are also possibilities that early investors will dump their holdings once they claim them. Thus, extending the unlock period reduces the potential for immediate selling pressure. Long-term Commitment: The decision to extend the vesting schedule shows a long-term commitment from the team and early investors. This alignment with the project’s long-term vision may instill greater confidence in current and potential WLD holders.

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