- Worldcoin, a trending cryptocurrency, recently surpassed the $6.188 level, giving investors hope for an uptrend.
- Despite this positive shift, the buying pressure remains weak, indicating that it might take some time for the momentum to gather strength.
- With allegations of financial misconduct and a struggling Bitcoin market, Worldcoin bulls could be facing challenging weeks ahead.
Worldcoin surpasses $6.188 level amidst weak buying pressure and allegations of financial misconduct, leaving investors in a state of uncertainty.
Worldcoin’s Bullish Shift Amidst Controversy
Despite being embroiled in controversy due to allegations of financial misconduct, Worldcoin [WLD] was trending on the 6th of May. The momentum seems to favor the bulls, but the volume indicator paints a less promising picture. With Bitcoin [BTC] also struggling to trend upward, the future for WLD bulls could be challenging.
Positive Reaction in the HTF Demand Zone
In mid-December 2023, the $3.72-$4.79 region formed a bearish order block on the 1-day timeframe. The February rally shifted this to a demand zone that was retested in mid-April after the extensive losses of recent months. Worldcoin retraced into this former resistance zone, now demand, and bounced twice in the past month. However, the OBV was unable to climb past former local support, indicating that, despite the price bounce, the buying pressure was minimal.
The Future for Worldcoin Bulls
The question now is whether the bulls can keep the uptrend going. Large clusters of liquidation levels act as magnets to the price. AMBCrypto analyzed the liquidation levels heatmap and found that the $3.84-$4 region was the area with the greatest amount of liquidity. However, it was also pretty far away, sitting 35% lower than the current Worldcoin price of $5.91. To the north, the $6.6-$7.2 was also a liquidity pool that was closer to current market prices but not as deep. Therefore, we may see another deep retracement to collect the liquidity around the $3.8 zone.
Conclusion
Worldcoin’s recent surge past the $6.188 level has given investors hope for an uptrend. However, the weak buying pressure and allegations of financial misconduct cast a shadow over this positive shift. With a struggling Bitcoin market, Worldcoin bulls could be facing challenging weeks ahead. Investors should keep a close eye on the market trends and make informed decisions.
