Worldcoin (WLD) Price Prediction 2022-23

Worldcoin [WLD] is up 14.32% in the past two days of trading, but was still within a long-term downtrend. Bitcoin [BTC] has also been in a slow

Worldcoin [WLD] price movements were analyzed over a two-day period, revealing a 14.32% increase. However, despite this uptick, WLD price action was still part of a long-term downtrend.

Bitcoin [BTC] price movements were also analyzed, revealing a 13.5% decrease from early April, indicating a shallow downtrend.

In contrast to BTC, WLD price movements showed a steeper decline of 80.51% since 1 April. The $2.17 price level, which acted as the 2024 lows before the February rally, was breached in July.

A falling wedge pattern was observed, but its bullish implications were limited due to the incomplete formation of the pattern.

Worldcoin’s tokenomics were analyzed using on-chain metrics to assess the potential for recovery.

The mean coin age and MVRV ratio combination suggested a short-term buy signal.

The rising mean coin age indicated accumulation, while the 30-day MVRV in negative territory showed short-term holders were at a loss. However, this signal was advised to be treated with caution.

Similar buy signals were observed during early July and early August, despite the continuation of the higher timeframe downtrend.

The bulls were unable to generate a substantial rally due to the weakness in buying pressure.

The Network Value to Transactions (NVT) ratio, when adjusted for circulating supply, showed the metric was at a six-month high.

High values of this metric indicate that the network’s market value is high relative to the transacted volume, suggesting the WLD token was overvalued.

Finally, the daily active addresses metric was analyzed to assess network activity.

From April to July, this metric displayed several peaks during weekdays, followed by declines over the weekends.

The activity seen during that period dropped sharply in early August and showed signs of struggling to recover.

While the development activity increased during that time, it was later observed to be declining once more.

However, the drop in network activity could be a point of concern for long-term investors.

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