The upcoming token unlock for Worldcoin (WLD) could introduce significant selling pressure, potentially leading to a price decline...
, appeared poised for a price decline due to its upcoming token unlock at press time, with the same scheduled for between 05 January and 12 January. In fact, recently, a blockchain-focused social media platform made a post on X stating that Worldcoin is set to unlock a significant 37.23 million WLD tokens, worth nearly $90.09 million.This unlock creates selling pressure due to the amount of circulating supply it will release. Data revealed that these substantial tokens account for nearly 4.
WLD appeared to be unaffected by the confusion though, soaring by 7.5% in 24 hours at press time. Additionally, this price surge seemed to have attracted traders and investors, leading to an 85% hike in trading volume, according to CoinMarketCap.According to on-chain analytics firm Coinglass, intra-day traders seem to be more optimistic about this price surge. In the last 24 hours, intra-day traders increased their positions, with data showing that WLD’s Open Interest rose by 27%.
The WLD long/short ratio stood at 1.03, indicating strong bullish sentiment among traders. Data further highlighted that 51.5% of top traders held long positions, while 48.5% held short positions.seemed to be facing resistance at a horizontal level of $2.55 and the 200 Exponential Moving Average on the daily timeframe. However, the price was struggling to breach this hurdle and continue its upside momentum.
At the time of writing, WLD’s Relative Strength Index was well below the overbought area – A sign that the token has enough room for further rally in the short-term.Vivaan Acharya is a Mumbai-based journalist with five years of experience covering technology and finance. After earning his Master’s in Economics from the University of Delhi, he began his career at a major financial daily, analyzing market trends and corporate earnings.
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