As the cryptocurrency market deals with short-term uncertainty, Worldcoin (WLD) has seen a sharp drop in price, leading to increased bearish sentiment. This mid-cap altcoin has a market cap that is more than $17 billion lower than its fully diluted valuation and has fallen over 84% from its all-time high (ATH) of around $11.74 in March 2024.
But is the worst over for Worldcoin? Despite the recent downturn, there are signs of a potential resurgence brewing. Let’s cross our fingers and dive into the details.
After reaching a 12-month low of about $1.34, the WLD price has been attempting a bullish recovery over the past three months. On the daily chart, WLD is forming a potential inverted double bottom pattern, which is paired with a rising divergence in the Relative Strength Index (RSI). This technical setup suggests that buyers may be starting to gain strength.
Additionally, WLD has successfully retested the 50-day moving average (MA) after breaking out of a long-term downward trend. This may indicate a shift in market sentiment.
According to on-chain data analysis, Alameda Research, the sister firm for FTX exchange, has been selling its WLD stash in the last two months. As FTX and Alameda Research prepare to distribute up to $16 billion to their customers and creditors in stablecoins, the firms have been offloading their crypto assets in the recent past.
Specifically, Alameda Research has deposited 1.56 million WLD since August 9 in ten batches of about 143k.
Currently, Alameda Research still holds over 23 million WLD coins, valued at more than $43 million, which are expected to be sold soon.
Despite these challenges, the Worldcoin project continues to grow and now has more than 6.8 million registered users on its network. Backed by OpenAI CEO Sam Altman, Worldcoin has significant potential for future growth.
Additionally, Worldcoin ORBs have been legally registered in several countries across different continents, including Europe, Asia, and Africa. This global presence shows the project’s commitment to establishing itself and gaining credibility in the cryptocurrency market.
Is the end of the bear market near, or will WLD face more challenges ahead?
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