Worldcoin (WLD) Price Analysis: Can WLD Break the $2.48 Resistance?

Worldcoin (WLD) surged 25% last week, driven by the success of its World ID project, which has now expanded to over 40 countries. However, this rally hit a major roadblock when WLD reached a resistance level of $2.48— a price it hasn’t been able to break for the past three months. Since then, Worldcoin has dropped 17% in the past 24 hours, with the current price at $2.21.

But is this the end of the road for Worldcoin? Or will it rebound and reclaim its lost ground? Let’s understand.

WLD’s Bitcoin Gains Are Fading

As Bitcoin’s price surged to a new all-time high, other altcoins followed suit, and Worldcoin was no exception. The altcoin saw impressive gains last week, rising to $2.88, with its trading volume jumping 78% to $2.38 billion.

But after hitting the three-month resistance level of $2.48, Worldcoin began to fall back, quickly wiping out much of its recent gains.

Profit Taking to Trigger a Dip?

A key reason behind this drop is that 97% of Worldcoin holdings are now in profit. This often signals a potential market peak, as many investors may sell to lock in their profits. When most of a cryptocurrency’s supply is profitable, it can lead to a price pullback.

Additionally, over 25% of Worldcoin’s active addresses are in profit, which often encourages holders to sell, adding further pressure on the price. With more people potentially cashing out, the upward momentum seems to be losing steam.

Worldcoin’s Global Expansion

Worldcoin, co-founded by Sam Altman, continues to grow globally. Recently, the project launched in Costa Rica, Poland, and Austria, expanding its reach. Altman recently celebrated this success, revealing that more than 16 million users have now been verified.

Despite facing regulatory challenges in countries like Spain, Germany, and South Korea, Worldcoin continues to make progress.

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Key Levels to Watch for Worldcoin

As Worldcoin’s popularity rises, its native token, WLD, is drawing interest from both individual and institutional investors. Altman shared an optimistic outlook for the future, stating his confidence in the long-term potential of cryptocurrency.

Worldcoin is now facing resistance at $2.48. If the price continues to struggle, key support levels to watch are $2.00 and $1.74. If WLD manages to hold at $2.00, it could bounce back and make another attempt to break above $2.48. A successful break could lead to further gains.

As of now, WLD is trading around $2.23 reflecting a drop of almost 18% seen in the last 24 hours with a market cap of $1.42 billion.