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- WLD has dropped 3% in the last 24 hours and may go lower soon.
- Exit metrics remain supportive, with WLD’s Open Interest rising steadily along with a slight increase in long positions.
Worldcoin (WLD) is down 3% on Tuesday, trading below $0.50 while holding above the major Exponential Moving Averages (EMAs).
Strengthening derivatives and positive technical indicators indicate that the index may have a chance to extend its recovery in the near future.
A rise in the open interest rate indicates increasing market confidence
Data from CoinGlass shows that Worldcoin futures Open Interest (OI) has risen to $406.86 million, from $377.25 million recorded on Sunday.
The metric has been trending higher since mid-May, indicating that new funds are flowing into the market.
An increase in OI is often seen as a sign of growth for traders and can encourage price action. In the case of WLD, the increase shows that investors are increasingly willing to add more.
Adding to the bullish story, CoinGlass data shows WLD’s long-to-short ratio has returned to 1.01.
A reading above 1 indicates that long positions outnumber shorts slightly, indicating a market bias toward higher prices. This further correction may further strengthen the bullish sentiment.
Despite the positive results, some warning signs are emerging. According to CryptoQuant’s market summary, both the spot and futures markets are experiencing rising trading volume and increased trading volume.
The data also shows the control of the sales side, which shows that the action can reduce the speed of any other profit.
These things can cause short-term conflict even though the majority of ideas remain positive.
Worldcoin Price: Bulls protect key support levels
Worldcoin is trading near $0.509 at the time of writing, keeping the technical support above the EMA band.
The 23.6% Fibonacci retracement level near $0.504 has emerged as an immediate support, sitting below the current market price.
Meanwhile, the 50-day, 100-day, and 200-day EMAs remain below the market, providing a strong support zone from the upper $0.30 to mid-$0.40 area.
Momentum signals continue to favor buyers. The Relative Strength Index (RSI) stands near 53, indicating bullish momentum that remains below record lows.
The Moving Average Convergence Divergence (MACD) indicator is still in positive territory, indicating that the uptrend is still in place.
If the downtrend continues, immediate support is at $0.459 (200-day EMA). A daily candle that closes above this level would show WLD falling between the $0.30 area near the 100-day and 50-day EMA.
However, if the rally resumes, the initial resistance is at $0.567, with the next target at $0.676 (38.2% Fibonacci retracement).
Worldcoin’s changing derivative metrics, rising Open Interest, and technology adoption continue to support future prospects.
Despite the high participation of the market and the sale of the forced warning, keeping the support above the $0.50 zone can make the way to $0.567 and $0.676 to reject the shares in the future sessions.
