Worldcoin at $4.7: Rising Daily Addresses Suggest May Bull Run Potential

• Worldcoin has showcased an intriguing price action with hopes of an impending bull run.
• Worldcoin is a growing project and its adoption might be its core growth trigger

WLD, the native asset of the Worldcoin project is now priced at about $4.7. On the daily timeframe, this was close to the demand zone that acted as a resistance zone in December 2023. Coinciding with this movement are rising addresses that suggest WLD may be on track for a potential bull run. 

Worldcoin Faces Key Resistance

On April 23, Worldcoin bulls were unable to push above its high at the $6.188 mark. The daily session has to conclude above this technical resistance level to turn the structure positive, however, this has yet to materialize.

According to previous technical analysis, $6.188 has been highlighted as a critical resistance level for WLD. The structure of the 1-day and above timeframes remained negative, and the recent 21% decline indicated that the lower time frames were still quite bearish. 

Meanwhile, a chart from Santiment reveals the social volume is still quite low compared to mid-February, despite experiencing a steady rise in the last 2 months. Also, the development activity in the Worldcoin project has been consistent. However, it is still very low compared to other blockchain networks like Cardano (ADA) and Solana (SOL).

Another negative indicator is the 3-day weighted sentiment, suggesting a dwindling interest from investors since March. Notably, bearish sentiment persisted as WLD resumed its downturn and failed to break over $6.18.

However, daily active addresses soared steadily since late March despite sellers benefitting from the recent price action and market sentiment. This indicates a positive development for the price of Worldcoin. Additionally, there was a rising trend in the mean coin age in April, indicating network-wide accumulation. 

In the last two weeks, this was undone partly as Worldcoin hit $6.18 and holders made money from their investments. As a result, the MVRV ratio was once again brought into the negative territory after attempting to fight into the positive territory.

What to Expect from WLD

In the next coming weeks, investors of Worldcoin could see bearish trends. This is because the previous attempt rally has sold off and sentiments from holders are extremely weak. However, a move from the $4 support zone could cause a range formation and consolidation for WLD. If this plays out, it could be an optimal recovery level for long-term bulls.

As of the latest Marketcap data, WLD is trading at $4.81, demonstrating a price decrease of 1.16% in the last 24 hours. At the same time, the trading volume increased by 22.8% to $223 million, with the market cap standing at over $1 billion.

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Worldcoin at $4.7: Rising Daily Addresses Suggest May Bull Run Potential

Echoing earlier coverage by Crypto News Flash, analysts believe WLD could climb to an all-time high of $27 within the next year due to its increased utility and adoption.