- The worldcoin (WLD) price struggles to break resistance, but daily active addresses hint at user growth.
- Negative social sentiment and holder behavior weigh down the token’s price.
Worldcoin (WLD) has presented a curious case in May 2024. While the token’s price has been on a downward trajectory, its network activity suggests a different story. This article explores the conflicting signals coming from Worldcoin’s price charts and user base.
Price Meets Resistance, Sentiment Dives
WLD bulls faced a hurdle at $6.188 in late April, failing to breach this key resistance level. This rejection sent the price tumbling, with WLD currently trading around $4.70. Technical indicators also paint a bearish picture, with both short-term and long-term charts trending downward.
Social media sentiment towards Worldcoin mirrors the price action. Despite spikes in social volume over the past two months, overall engagement remains low compared to February. Negative sentiment has dominated since March, further dampening enthusiasm for the token.
Network Growth Hints at Bullish Undercurrent?
An interesting counterpoint to the bearish price movement is the uptick in daily active addresses on the Worldcoin network. This metric, which signifies user activity, has been steadily rising since late March. Additionally, the mean coin age, an indicator of how long tokens have been held on average, also saw an increase in April, suggesting network-wide accumulation.
However, this accumulation trend seems to have reversed course in the past two weeks. As Worldcoin approached $6.18, some holders likely cashed in on profits, driving the mean coin age down and the MVRV ratio (Market Value to Realized Value) back into negative territory.
The Verdict: A Mixed Bag for Worldcoin
Worldcoin presents a fascinating case study. While the token’s price struggles and social sentiment remains negative, network activity suggests potential underlying growth. Whether this user base translates to a price recovery hinges on WLD’s ability to overcome resistance levels and build long-term holder confidence.