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Worldcoin faces major test of support after 67% drop

Worldcoin (WLD) price failed to enter the Ichimoku cloud, indicating strong resistance at $5.

The price fell below 200 EMA last Friday and saw a 21% daily candle decline after this price drop.

Worldcoin maintains support despite current downtrend

This significant price action set the tone for the subsequent downtrend observed during the analyzed period. Additionally, the price moved back to reach an important resistance level at $4.45, which served as support in the past and matches Ichimoku's 4-hour base plateau.

NOW, The price stabilized around the $3.69 level. Another important fundamental plateau (Ichimoku) served as a key resistance level in December 2023.

Worldcoin price analysis (daily). Source: TradingView
Worldcoin price analysis (daily). Source: Commercial view

If the price manages to regain the $4.45 level and break above it, this will likely shift WLD's mid-term outlook towards a more positive path. Conversely, a decline below $3.69 could push the price down to lower support levels, such as $2.55.

Worldcoin faces massive sell-off

The following weeks, June 2 and June 9, saw sharp declines, with prices falling to $4.25 and $3.81, respectively. This indicates continued selling pressure and no buying support in this case.

As of May 12, the number of active addresses was 1,963, indicating strong user engagement. However, this figure has steadily declined, falling to 1,267 on June 9.

Worldcoin (Ethereum) active addresses. Source: Santiment
Active WorldCoin (Ethereum) addresses. Source: Feeling

From May 12 to June 12, 2024, the price of Worldcoin fell by 34%. Which confirms a period of significant downward pressure. The number of active addresses decreased by approximately 35.1%, returning to levels seen in mid-February 2024.

The drop in active addresses indicates a decline in user interest, likely due to falling prices and broader market sentiment. This decrease in active addresses is consistent with a decline in prices, indicating a decrease in participation and a potential exit of market participants.

Strategic Recommendations

Positive scenario: If Worldcoin price manages to regain the $4.45 level and surpass it, this could shift WLD's mid-term outlook towards a more positive path. This price development is likely to attract new buyers and restore the confidence of existing investors, leading to increased trading volume and positive momentum.

Read more: Worldcoin (WLD) Price Forecast for 2024, 2025, 2026, 2027

Negative scenario: Conversely, if the price falls below $3.69, it could push the price towards lower support levels, such as $2.55. A break of this key support level could trigger further selling, reinforcing bearish sentiment and causing additional bearish pressure.

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