Worldcoin (WLD) Price Dips Despite Panama Expansion News

Worldcoin (WLD) has experienced a price drop following the teams announcement of expanding World ID verification to Panama starting November 27.

Despite the news, the market reacted negatively with WLD falling in value over the past 24 hours. At press time, WLD traded at $2.36, reflecting a 6.11% decline. The tokens market capitalization dropped to $1.65 billion, a 5.47% decrease from the previous day. Trading volume also decreased by 35.46% to $533.21 million.

This dip suggests reduced market activity and declining investor interest. The tokens circulating supply is currently 699.27 million WLD.

Price Trends and Volatility

The 24-hour price chart for WLD shows a consistent decline, beginning at a daily high of $2.5131. Increased volatility appeared in the chart, displaying declines coupled with brief recoveries. Despite these fluctuations, the overall trend remains bearish.

Source: CoinMarketCap

The tokens volume-to-market cap ratio is 32.33%, indicating relatively active trading compared to its valuation, even with the reduced trading volume.

Technical indicators paint a mixed picture of WLDs performance. The MACD shows slightly bullish signs, with the MACD line above the signal line, but the histogram indicates weak momentum. The RSI sits at 55, suggesting neutral-to-slightly bullish sentiment, as it remains between the overbought and oversold zones.

Source: TradingView

Adding to this sentiment, analyst Ali has identified a bottom pattern for heads and shoulders, indicating a potential price reversal. The pattern features a head at $1.28 and symmetrical shoulders at approximately $2.18. This structure often signals bullish reversal tendencies.

#Worldcoin $WLD is one of those coins that hasn‘t pumped so you don’t need to chase. It is forming an H&S bottom, with an initial 50% upside target to $4!

— Ali (@ali_charts) November 24, 2024

Another analysis by crypto expert Bull highlights WLDs performance against Tether (USDT), showing a 6.42% daily decline, bringing its current price to $2.14. Despite the drop, some view this as a potential buying opportunity, given its current market position and recent technical patterns.