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Worldcoin price crashes 10% as AI narrative fades

  • Worldcoin price among top sector gainers, steered by AI crypto coin narrative.
  • WLD could drop 10% to find support at the critical Fibonacci level of 61.8% at $5.7330.
  •  The bearish thesis will be invalidated if the AI token clears the $7.9960 range high to create a new local top.

Worldcoin (WLD) price was one of the AI tokens that benefitted the most from sector hype in February, rallying almost 270%. However, as the theme is now priced in, WLD holders appear to be booking profits en masse.

Also Read: ARKM and WLD prices rally in double digits, Sam Altman’s AI coins on the move

Worldcoin price risks a 10% extended fall

Worldcoin (WLD) price is likely to extend the fall by 10% after dropping by the same range since it faced rejection from the $7.9960 roadblock. Key levels to watch in a southbound directional bias include the most critical retracement level, the 61.8% Fibonacci at $5.7330, which stands 10% below current levels.  

If this level fails to hold as support, the Worldcoin price could roll over to the 50% Fibonacci level of $5.0340. Nevertheless, until such a time when WLD breaks below the midline of the bullish breaker between $3.7280 and $4.2160 at $3.9820, the predominant outlook will remain bullish.

WLD/USDT 1-day chart

On-chai metrics support Worldcoin bearish outlook

Santiment’s social dominance and social volume metrics have dropped significantly, indicating that the number of mentions on social media of WLD has reduced.

WLD Santiment: Social dominance, social volume

Combining the dwindling attention with the spikes seen in the active deposits and exchange inflow metrics, it appears investors are ready to exit the Worldcoin market. The spikes hint at a possible rise in short-term selling pressure.

WLD Santiment: Exchange flow balance, active deposits, exchange inflows

On the other hand, if the bulls fasten their grip on WLD, Worldcoin price could recover all the ground lost during the Tuesday session, potentially flipping the 78.6% Fibonacci back to support. In a highly bullish case, the AI crypto coin could clear the range high of $7.9960 before creating a new local top. 

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

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