Worldcoin (WLD) has experienced a spike in daily trading volume, driving its price to a new monthly high of $2.55. Over the past 24 hours, WLD has gained 5%, emerging as the market’s top performer during this period.
The bullish momentum for Worldcoin (WLD) stems from increased smart money accumulation since the start of the year and a broader market bias favoring the altcoin. These factors have set the stage for potential further gains in the near term. Here’s how.
Worldcoin’s Smart Money Push For Higher Prices
BeInCrypto’s assessment of the WLD/USD one-day chart has revealed a steady rise in the token’s Smart Money Index (SMI) since the beginning of the year. As of this writing, the indicator is at 1.91, having climbed 36% since December 31.
WLD Smart Money Index. Source: TradingViewAn asset’s SMI tracks the activity of experienced or institutional investors by analyzing market behavior during the first and last hours of trading.
When the indicator rises, it indicates increased buying activity by these investors, signaling growing confidence in the asset. Conversely, when it drops, it suggests selling activity from these investors, pointing to bearish sentiment or expectations of price declines.
Therefore, the steady uptick in WLD’s SMI since the start of the year reflects the growing accumulation among its experienced and institutional investors. This signals a growing confidence in its future price performance, which has contributed to its current upward price trend.
Moreover, the positive readings from WLD’s price daily active address (DAA) divergence highlight the uptick in the token’s market-wide accumulation, driving its current rally.
WLD Price DAA Divergence. Source: SantimentThis metric, which measures an asset’s price movements with the changes in its number of daily active addresses, is currently at 52.73%. As with WLD, a price rally paired with a positive DAA divergence signals bullish momentum. It indicates increasing interest and the potential for further price gains.
WLD Price Prediction: Bullish Momentum Could Propel Token to $3.25
On the daily chart, WLD currently trades below the resistance formed at $2.67. If the current bullish momentum is maintained, the token could break above this barrier and rally toward $3.25.
WLD Price Analysis. Source: TradingViewOn the other hand, if WLD selloffs resume, it would put downward pressure on its price, causing it to plunge to $2.31. If this support level fails to hold, the WLD token price could drop further to $2.01.
