An address associated with the Worldcoin project team deposited 10.5 million WLD, worth $4.857 million, into OKX. WLD fell to a low of $0.45, yet capital still flowed into futures and spot markets. The indicators still lean bearish.
An address associated with the Worldcoin project team deposited a cumulative 10.5 million WLD, worth $4.857 million, into OKX. The tokens were transferred by the team three years ago, according to the trace of the funds.
Just three days earlier, another team-linked address sent WLD worth $1.6 million to exchanges. Team inflows into exchanges are usually treated as short-term bearish signals because they increase the number of tokens available for sale. Not every deposit sells immediately, but project-linked transfers can precede sales.
WLD slides to $0.45 as buyers step in
Amid the deposits, WLD dropped to a low of $0.45. Since facing rejection at $0.59, it has closed at lower lows for five consecutive days.
However, there is no sign of panic. More capital flowed into both perpetual futures and the spot market, which suggests renewed interest in buying the dip.
Over the past 12 hours, $63 million flowed into opening new futures positions, against $60 million in outflows. As a result, futures netflow rose 129% to $3.22 million.
On the spot market, exchange outflows also increased significantly on the 24th of October. Spot netflow fell to -$5.2 million, and it stayed at around -$0.5 million at press time. Higher exchange withdrawals may indicate accumulation or an intention to hold WLD.
Momentum indicators stay bearish
Buyers have stepped in, but the market direction still leans bearish. The Relative Strength Index has been on a sustained decline, and at 43 it indicates that bearish momentum is prevailing.
Worldcoin is testing the $0.45 support. If prevailing market conditions persist, the altcoin is likely to breach this level and drop to $0.40. If the buying in spot and futures markets is sustained, though, WLD could rebound, reclaim $0.50, and target the $0.56 resistance level.
Source: AMBCrypto
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