Worldcoin recently rose to a local high before quickly falling back. Foreign media reports suggest this decline is more likely due to short-term profit-taking than a full-blown release of selling pressure. However, while there has been a rebound after the price drop, buying power remains insufficient, and market participation is weakening.
Prices fell below short-term support.
WLD had previously risen to around $0.715 before falling back to around $0.5912, a drop of approximately 14%. Bulls attempted to hold the $0.65 to $0.655 area, a range that had previously acted as resistance but had now become support and attracted market attention.
However, judging from the market performance, selling pressure has not significantly weakened. After breaking below the aforementioned range, the price gradually declined to around $0.6067, where it consolidated. Subsequently, bulls pushed the price back up to $0.6222, a rebound of approximately 3.15%.
Foreign media reports indicate that the Relative Strength Index (RSI) is around 52.4, suggesting that the current momentum is neutral. There has been no significant panic selling in the market, but there are also no signs of a strong recovery.
$0.6313 is a short-term level to watch.
The article argues that if buyers hope to reverse the current downward trend, they first need to recover $0.6313. Only by regaining this level will WLD have a chance to retest the $0.70 area.
If the price fails to recover this level, sellers may retest the $0.6067 support. If this level continues to fall, $0.5912 may become the next support area.
Liquidation and open positions cooled down simultaneously.
According to CoinGlass data, the total liquidation amount on the WLD network in the past 24 hours was approximately $2.17 million, of which about $1.1 million was long liquidation and about $1.08 million was short liquidation. The close balance between long and short liquidation indicates that recent volatility has put pressure on both ends of the market, without any significant one-sided squeeze.
During the earlier rally, short covering briefly pushed prices higher, helping WLD approach $0.7234. However, as prices fell, long positions were also forced to close out, and short-term speculative activity in the market subsequently decreased.
Regarding open interest, WLD's open interest surged from approximately $150 million to over $550 million during the upward phase, indicating a significant influx of leveraged funds at high levels. Around June 17th, as this upward trend ended and prices fell back to around $0.62, open interest also decreased to approximately $450 million to $480 million.
The article argues that this change is more like traders proactively closing positions and reducing risk exposure, rather than new funds continuing to enter the market. Whether WLD can regain strength next depends on whether new positions and buying pressure can return in tandem.
