Worldcoin continued to move WLD tokens.
According to Onchain Lens, the Worldcoin team sent 30 million WLD, worth $8.17 million, to a BitGo Custody wallet.
The wallet now contains 153.65 million WLD worth $41.35 million. AMBCrypto earlier reported that the team airdropped 21.17 million Worldcoins (WLD) worth $5.5 million.
The previous sale followed the movement of tokens to exchanges. Unlike the recent sale, the transfer to the custodial wallet does not indicate a direct sale.
However, the team tends to sell via OTC transactions when tokens are moved to such a wallet, which does not rule out this possibility. At the same time, this decision could suggest a repositioning for long-term holding.
Therefore, the transfer to the custodial portfolio is not inherently bearish or bullish and often leads to a neutral market reaction.
Worldcoin still faces strong bearish pressure
Although the Worldcoin team’s token transfer does not mean an immediate sell-off, other market participants are selling aggressively.
When it comes to exchange activity, sellers have been particularly active on Binance. WorldCoin recorded 27 million in selling volume, compared to 24 million in buying volume in the last 24 hours.
This sales activity is particularly extreme on the weekly charts, with sales volume exceeding 890 million.
Additionally, the Exchange Net Highs-Lows indicator has remained positive for over a month. At press time, this indicator was hovering around 21, with SMA at 44.
At these levels, this indicator suggests that currency inflows have far exceeded outflows. The increase in foreign exchange deposits indicates strong selling activity and is often followed by a weakening of the market structure.
What’s next for WLD
WLD showed bullish momentum, reaching $0.27, as whale activity returned to the market. Worldcoin whales returned towards the end of April and stayed that way for ten consecutive days.
However, the whales appear to have disappeared again, with Spot Average Order Size data showing no whale activity over the past 24 hours. This change in whale activity could be a wake-up call for the market.
Regardless, the short-term bullish structure of the market remains intact. In fact, the Relative Strength Index (RSI) remains above 50, showing that momentum remains bullish despite increasing weakness.
With the RSI falling from 55 to 51, this suggests that although sellers have returned, they have not yet taken over the market. So, the weakness is likely coming from the withdrawal of whales from the market.
Likewise, the altcoin remains above the 20-day EMA, indicating near-term bullish momentum. These market conditions suggest a market at a decision point.
On the positive side, WLD is testing the 50-day EMA at $0.28. A successful retest will strengthen the upside, with WLD reversing $0.3.
However, with the disappearance of whales, the market could see weakness. This is so since their demand has recently boosted the WLD.
If the weakness persists, WLD will break through the $0.25 support level and fall back to $0.23.
Final summary
- The WorldCoin team sent 30 million WLD, worth $8.17 million, to the BitGo Custody wallet, bringing its holdings to 153.65 million WLD, worth $40.3 million.
- WLD is still under intense bearish pressure, and with the whales disappearing again, a drop to $0.23 seems inevitable.
