On the 18th of October, identity project Worldcoin [WLD] launched a version of its ID verification product for banks and financial firms. Unveiled at the Money20/20 conference by World cofounder Alex Baina, the suite combines three existing products that World said can help institutions guard against deepfake fraud and AI-driven impersonation.
The altcoin has rallied 17.44% from Sunday’s low of $0.4565. In a recent report, AMBCrypto highlighted the importance of the $0.46-$0.47 demand zone.
The positive reaction from this area, alongside the higher timeframe bullish structure after the rally to $0.723 in June, could give short-term traders some bullish hopes.
WLD short-term sentiment flips bullishly again
In the past 24 hours, WLD has rallied 5%, with a 54.2% increase in daily trading volume and a 23% increase in Open Interest. The altcoin price was able to challenge the local high of $0.55 from the previous Friday.
The OI increase was accompanied by rising funding rates, which suggested increased speculator willingness to go long. However, the spot CVD has not begun to push higher, a sign of weak spot demand.
The liquidation heatmap showed that the nearby magnetic zones were $0.52 and $0.55. A chunk of the built-up short liquidations around $0.54 over the weekend has been swept, but there was another cluster at $0.555-$0.563 that could be targeted next.
It is unclear if a move higher would face rejection or a breakout. The short-term crypto market sentiment remained on the side of caution.
Traders’ call to action- Watch the range
Over the past two weeks, Worldcoin has traded within a range that reached from $ 0.46 to $ 0.58. At the time of writing, the altcoin was trading above the mid-range level.
The bulls were yet to convincingly surpass the $0.55 local highs and drive WLD up to the $0.58 range extreme. The CMF reading was -0.02, showing a lack of sizeable capital inflow.
The hourly Awesome Oscillator was bullish, but signaled a pullback might be in progress. Such a price dip to $0.51-$0.52 could offer a buying opportunity for traders.
Final Summary
- The Worldcoin price jump of 17% from the Sunday lows came on the back of increased buying volume, especially late on Monday.
- However, the short-term price action remained range-bound. The $0.58 high and the $0.55 local supply zone need to be overcome to keep the momentum going.