Worldcoin hits $4.7: Is a May bull run still possible?

  • Worldcoin has experienced a month of accumulation across the entire network.
  • Sentiment among holders and on social media was negative.

world currency [WLD] Bulls failed to break above the $6.188 high. Worldcoin formed a lower high of $6.188 on April 23.

This is the technical resistance level that would require a close above during the daily trading session to reverse the structural bullishness. It hasn't materialized yet.

Additionally, WLD faced rejection at this level and was trading at $4.7 at press time. This is close to the demand area on the daily time frame, which was a resistance area in December 2023.

In previous technical analysis, AMBCrypto highlighted $6.188 as resistance. The 1-day and higher time frame structure remains bearish, and the recent 21% decline means the lower time frames remain firmly bearish as well.

Negative social sentiment puts WLD in trouble

world currency sentiment

Source: Santiment

Social traffic has continued to surge over the past two months, but is relatively low compared to mid-February.Development activity has also been consistent, but compared to giants like Solana [SOL] or cardano [ADA] very low.

Three-day weighted sentiment is also negative. This shows that enthusiasm for WLD has waned since March. Overall, bearish sentiment continues to dominate as WLD is in a downtrend and unable to break above $6.18.

Is there a significant accumulation of WorldCoin?

world currency sentiment

Source: Santiment

While price action and market sentiment favor sellers, daily active addresses are steadily rising. It has been trending higher since late March, which is a positive sign amid price volatility.

The average coin age in April also showed an upward trend, showing accumulation across the network. This has been partially alleviated over the past two weeks as Worldcoin hit $6.18 and holders achieved profits.

As a result, the MVRV ratio, which was trying to go into positive values, goes into negative values ​​again.

Read Worldcoin's [WLD] Price Forecast 2024-25

Holder sentiment was extremely weak and previous rebound attempts were sold off.

Overall, Worldcoin investors are likely to be in a bearish trend over the coming weeks. A bounce off the $4 support zone is likely to see range formation and consolidation, which could be an ideal scenario for long-term bulls.

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