Is Worldcoin heading towards $0.58? Check forecast

Key takeaways

• WLD is approaching $0.50 after adding 3.7% to its value in the last 24 hours.
• The rally comes as a wallet linked to Multicoin Capital spent 30 million USDC on Thursday to buy 60 million WLD tokens.

Multicoin Capital link wallet purchases 60 million WLD tokens

WLD, the native coin of the Worldcoin ecosystem, is one of the best performers among the top 100 cryptocurrencies by market cap.  The coin is up nearly 4% in the last 24 hours and is now trading close to $0.50. 

The rally comes after Lookonchain data on Thursday revealed that a wallet linked to Multicoin Capital, a thesis-driven investment firm, has spent 30 million USDC stablecoin to buy 60 million Worldcoin tokens at an average price of $0.50 through an over-the-counter (OTC).

This acquisition highlights strong institutional demand for the cryptocurrency. 

Furthermore, Santiment data shows that the WLD’s trading volume reached $1.46 billion on Wednesday, the highest yearly level and trading volume not seen since July 2024.

The growing volume indicates a surge in traders’ interest and liquidity in Worldcoin, boosting its bullish outlook. Furthermore, Santiment’s Supply Distribution data reveal that certain whales are buying WLD at recent price dips.

Whales holding between 10 million and 100 million WLD tokens and 1 million and 10 million WLD tokens have accumulated a total of 150.59 million WLD tokens from Sunday to Thursday.

WLD eyes the $0.58 resistance level amid bullish sentiment

The WLD/USDT 4-hour chart is bearish and inefficient despite WLD adding 4% to its value in the last 24 hours. At press time, the coin is trading around $0.498 and could rally higher in the near term. 

If the bullish momentum continues, WLD could extend the rally toward the daily resistance at $0.56. A successful close above this level could see WLD target the 50-day Exponential Moving Average (EMA) at $0.63.

The Relative Strength Index (RSI) on the 4-hour chart is at 49, pointing upward toward its neutral level of 50, indicating a growing bullish momentum. However, for the bullish momentum to be sustained, the RSI must move above the neutral level.

On the flip side, if the bulls fail to build on this momentum, WLD could face a correction and dip towards the recent low of $0.47.

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