Worldcoin (WLD) has plunged below a major support level after a whale withdrew over $9.5 million worth of tokens from Binance. The token dropped over 7% in a single day, falling to $0.9492, while its trading volume soared by 86.41%, according to CoinMarketCap data.
According to Onchain Lens, a recently created Binance-based wallet withdrew 10.07 million WLD. Such a withdrawal, to a large extent, from a new address and apostate off-exchange activity is frequently preannounced. It can indicate possible over-the-counter transactions or transfers to personal safekeeping, which also decreases the liquidity of the market and initiates price pressure.
The deal poured antipathy on the technicals, which were already on the decline. The token has recently caved under an ascending broadening wedge, a collusive chart pattern that has turned bearish despite an initial impetuous direction. After the break, WLD tried to retest the $1.069 to $1.125 zone of supply but was unsuccessful in recovering that region, adding further strength to the bears.
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Bearish Indicators Mount as Technical Breakdown Deepens
Technical indicators also confirmed the shift in sentiment, as the Relative Strength Index (RSI) declined to 37.10, signaling fading strength without yet entering oversold territory. Meanwhile, the MACD histogram remains flat in negative territory, with both the MACD and signal lines below zero, indicating continued bearish pressure.
Important downside supports that must be monitored now are $0.847, the next immediate one. In case of stronger selling, lower targets at $0.580 and even $0.347 may be reached. At present, WLD would have to move back above its previous resistance of $1.623 to revert the trend, and this would not be likely unless there was a significant change in market conditions.
Source: Tradingview
Although the Fibonacci retracement levels suggest that the price may rebound to $1.32 or even $1.52, currently, there are no bullish forces. More cues above 2.05 and higher are farfetched, with no underlying catalyst to trigger fresh interest.
Worldcoin’s sharp decline, driven by whale activity, is sending bearish signals rippling through the European market. The token can remain under downward pressure until the buying momentum recovers.
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