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- On Friday, World Liberty Financial (WLFI) fell 4% as the cryptocurrency market faced correction, with BTC falling below $70,000 once again.
- In the last 24 hours, WLFI has seen the liquidation of $564,944 worth of positions.
- A continuous decline in the cryptocurrency was seen after the round 135 million tokens with a total value of about $12.5 million were opened from the treasury of the project and deposited in Binance.
The DeFi project linked to the Trump family, World Liberty Financial (WLFI), fell 4% on Friday, following the decline of the crypto market, and its connection to the largest cryptocurrency, Bitcoin.
On March 20, WLFI fell by 2.75% on the daily chart with a market capitalization of $2.52 billion, according to CoinMarketCap. The trading volume jumped by 31.78%, rising to $106 million in the same period. At the time of writing, the number of tokens is around 100 billion WLFI, according to CoinMarketCap price.
WLFI Faces Constant Selling Pressure After Fund Opening 135 Million Tokens
According to Coinglassin the last 24 hours, WLFI has seen the liquidation of $564,944 worth of positions. This includes a long term liability of $518,828 and a short term liability of $46,115.
Apart from the recent decline in the crypto market, one of the main reasons for the decline comes from the massive opening of the economy and the transfer of WLFI tokens.
About 135 million WLFI tokens worth about $12.5 million were opened from the project’s repository and deposited to Binance. This was reported through the chain to followand it has brought new pressure to sell because the markets see it as more and more products hitting the exchange.
This development has led to a downward trend as traders anticipate the possibility of more tokens being traded on the open market in the event of positive events such as AgentPay SDK implementation of AI payments.
In addition to this large transfer, the continuous distribution from the bags connected to the team has continued, increasing the amount collected at the beginning of the year. This has shaken the confidence of investors.
These factors, including token keys, exchange deposits, and continuous distribution, have been very successful in recent developments in the project, which led to the weakness of the current price.
In the last 7 days, WLFI has dropped by 13%. On the Binance WLFI/USDT chart, which is the main trading group for this indicator, the technical indicator is showing a bearish pattern that gives details of the recent price decline.
The Relative Strength Index (RSI) on the 14-day average is moving around 31.37 to 35.43, which hovers close to the oversold zone but fails to make a clear signal. This shows that the slow pace continues without signs of fatigue.
The Moving Average Convergence Divergence indicator has been on the 12th and 26th period, which remains very negative at -0.0044 to -0.0047 and continues to sell crossover to confirm the continuation of the bearish divergence.
Short-term moving average refers to the downward trend and the 10-period exponential moving average at $0.0987 to $0.0993, trading well above the current price.
According to the chart, the movement of the price in the cryptocurrency shows a clear break below the main support around $0,095 without a lower upper formation at the 4-hour or daily time. A Stochastic indicator with a K count of around 11 to 12 also confirms a bearish trend.
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