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- The WLD token price dropped 10% as Alameda Research continues to offload its holdings on exchange.
- Regulatory issues make Worldcoin reorient its market strategy from Europe to Asia.
- The token was struggling to hold out the 200-day EMA mark.
Worldcoin (WLD), an AI token, faced significant selling pressure and posted a 10% drop to trade at $1.72 at press time. It was on the verge of a 200-day EMA breakdown and could see significant losses soon.
Since the beginning of this month, the WLD price has been trading under a bearish influence. It displayed follow-on selling pressure.
Worldcoin price failed to sustain gains around the $2 mark and encountered a rejection, resulting in a throwback.
Alameda Research’s Persistent Selloffs: How It’s Shaping The Market
On-chain data metrics highlighted that Alameda Research has sold approximately 143,770 Worldcoin tokens in the last few weeks.
Since August 9, the company has sold 1.56 Million tokens at an average deposit price of $1.605 per token. This makes a total of $2.51 Million.
The crypto community has watched this move, and selling pressure remains prevalent. It might impact the token performance.
This data supports these concerns because it reveals that Alameda Research now controls 23.439 million WLD tokens. These tokens were valued at $43.128 Million.
Secondly, recent transactions illustrate steady weekly deposits of approximately $264,450 to Binance in Worldcoin.
Investor Anxiety Rises as Price Declines Continue
Since Alameda owns a large portion of the token, their frequent sell-offs are still making people anxious. People are anxious about significant price collapses as they systematically sell their stakes.
The weighted data sentiment line slipped below the midline region at -1.09, depicting a bearish stance. The heightened selling pressure from Alameda Research could trigger further pressure.
The price action displayed a roller coaster ride as the altcoin faced rejection from the $2 supply region. Alongside the WLD price decline, the Open Interest (OI) dropped over 3.77% to $164.28 Million. This conveyed a long, unwinding move.
Data from TokenTerminal highlighted that the daily active addresses data saw a significant decline. This drawdown implied a negative sentiment among investors. It signified that new addresses had lost their interest in the token.
WLD Price Prediction: Analyzing the Next Move
A significant rebound could be seen in the near sessions if the Bulls succeed in securing the mark. Worldcoin price’s daily chart analysis signified a bearish bias, as the altcoin fell below the key EMAs.
Amidst multiple attempts to crack the $2 supply region, the bull army could not split the level and lost its momentum.
Notably, the WLD price hovers around the 200-day EMA level, and buyers attempted to hold the region. The Relative Strength Index (RSI) currently rests around 38, conveying selling pressure on the chart.
Alongside the price decline, the Chaikin Money Flow (CMF) reading of -0.10 implied a liquidity exit from the market.
The key support levels to watch out for were $1.60 and $1.40. At the same time, the upside barriers were around $1.90 and $2.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
