While the price action and market sentiment favored the sellers, the daily active addresses were rising firmly.
- Worldcoin saw a month of network-wide accumulation. Sentiment amongst holders and on social media was negative.
Worldcoin [WLD] bulls were unable to push past the high at $6.188. Worldcoin formed a lower high at $6.188 on the 23rd of April.
This was the technical resistance level that the daily session needed to close above to flip the structure bullishly. It has not materialized yet.
Moreover, WLD faced rejection from this level and was trading at $4.7 at press time. This was close to the demand zone on the daily timeframe that had been a resistance zone in December 2023.
In a previous technical analysis, AMBCrypto highlighted the $6.188 level as resistance. The 1-day and higher timeframe structure remained bearish, and the recent 21% drop meant the lower timeframes remained firmly bearish as well.
Negative social sentiment bogs WLD down
Source: Santiment
The social volume saw consistent surges in the past two months but was relatively low compared to mid-February. The development activity has been consistent too, but compared to giants like Solana [SOL] or Cardano [ADA] it was very low.
The 3-day weighted sentiment has also been negative. This indicated a dampened enthusiasm toward WLD since March. Overall, with WLD in a downtrend and unable to break past $6.18, bearish sentiment continued to reign supreme.
Does Worldcoin have significant accumulation in progress?
Source: Santiment
While the price action and market sentiment favored the sellers, the daily active addresses were rising firmly. It has trended higher since late March, which was a positive sign amidst the turmoil on the price front.
The mean coin age had also trended upward in April which signaled network-wide accumulation. This was partially undone in the past two weeks as Worldcoin touched $6.18 and holders realized profits.
Consequently, the MVRV ratio, which tried to fight its way into positive territory, was brought into negative territory once again.
Holder sentiment was extremely weak, and the previous attempt to rally was sold off.
Overall, Worldcoin investors could be in a bearish trend in the coming weeks. A bounce from the $4 support zone could see a range formation and consolidation, which could be an ideal scenario for long-term bulls.
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