San Francisco, California – The native token of the open-source digital identification platform, Worldcoin [WLD], has shown promising signs of a potential price increase.
According to crypto analyst Ali Martinez, Worldcoin’s 3-day chart indicated that sellers were exhausted, suggesting that the price was poised to rise. Martinez pointed out that the Tom DeMark (TD) Sequential had flashed a buy signal on the charts. The TD Sequential is a technical analysis tool that helps identify periods of trend exhaustion by analyzing candlestick patterns. In this case, the tool signaled a buy after sellers had become exhausted, indicating a potential upward movement for Worldcoin.
Currently trading at $2.52, Worldcoin has seen a notable 49.08% increase in the past 30 days. Martinez’s analysis suggests that the token could potentially reclaim some losses and reach a target price of $30.5.
Moreover, Martinez highlights a correlation between Worldcoin and Avalanche [AVAX], another cryptocurrency. The correlation between the two was noted at 0.96, indicating a strong directional movement in their prices. The potential increase in AVAX’s price could also impact Worldcoin positively in the short term.
Additionally, Worldcoin’s social dominance has increased to 0.198%, as reported by Santiment. Social dominance reflects the share of media discussions related to a specific asset or phrase, with a rise indicating improved discussions about the project. Previous instances have shown that a rise in social dominance often contributes to higher demand and a subsequent price increase for Worldcoin.
However, with increased discussions around Worldcoin, there is a possibility of social dominance reaching extremely high levels, marking a potential local top for the price and hinting at a correction. Yet, if this scenario does not materialize, Worldcoin may experience a significant rally in the weeks to come.
In conclusion, the technical indicators, correlation matrix with AVAX, and rising social dominance all point towards a potential price increase for Worldcoin. Market participants are advised to monitor the situation closely for any developments that may impact the token’s price movement.