Worldcoin Investors Lose $5.58 Billion in Profits as Price Falls 18%

Worldcoin’s price has been on an upward trajectory since early September, pushing WLD up to $2.46 and sparking optimism among investors. However, the recent drawdown has dampened this sentiment, with many investors facing significant losses and hoping for a recovery. 

As the price dipped, Worldcoin holders have seen their profits slip, leading to widespread anticipation of a turnaround.

Worldcoin Investors’ Losses Mount

In the last 24 hours, Worldcoin’s price fell by nearly 19%, hitting an intra-day low that affected market sentiment. This sharp decline saw the total supply in profit drop from 87% to 70%, marking a substantial decrease in profitable holdings. The 17% drop translates to 97.36 million WLD, valued at over $194 million, moving from profit to loss in a single trading day.

This swift downturn has understandably shaken investor confidence. As more holdings fall into loss territory, it highlights a potential tipping point where investor optimism is replaced by caution.

On a macro level, Worldcoin’s trajectory has further hurdles. The Global In/Out of the Money (GIOM) data reveals that approximately 2.79 billion WLD, valued at over $5.58 billion, lost profitability over the past week due to the 18% drawdown. 

This supply was bought by WLD holders when the altcoin was trading between $2.04 and $2.45. Thus, only when Worldcoin’s price makes it back to $2.46 can the supply become profitable again, and a breach of this resistance will secure the gains.

WLD Price Prediction: Bringing Profits Back

Worldcoin’s price dropped by 18% this week, falling from $2.46 to $1.99 at the time of writing. This setback is notable because Worldcoin’s ongoing uptrend prior to the decline had indicated the potential for reaching $3.00, which would have marked a 22% gain. This upward potential now seems uncertain as Worldcoin faces resistance levels.

The 18% drop has left investors hoping for a recovery to the $2.46 level to regain their losses. Testing $2.11 as support is crucial, as establishing this base could enable a price rise, potentially restoring some of the lost confidence among WLD holders.

However, if Worldcoin fails to breach the $2.11 resistance, a further drop to $1.74 could be likely. Such a decline would extend investor losses and reduce optimism about recouping profits, potentially undermining sentiment and prompting more conservative positioning in the market.

Source : BeInCrypto - Oct 27, 2024