---
title: "Worldcoin stuck after 70% drop from peak — More downside for WLD price?"
url: https://diffcoin.com/worldcoin-stuck-after-70-drop-from-peak-more-downside-for-wld-price/
description: "The price of Worldcoin (WLD) has stabilized after a volatile debut across mainstream cryptocurrency exchanges.On July 29, WLD price rose nearly 6% to…"
published: 2023-07-29
updated: 2023-07-29
author: "Mila"
site: "Diffcoin"
---

# Worldcoin stuck after 70% drop from peak — More downside for WLD price?

The price of Worldcoin (WLD) has stabilized after a volatile debut across mainstream cryptocurrency exchanges.

On July 29, WLD price rose nearly 6% to $2.35. Still, the token was down 70% from its market debut peak of $7.50.

It now appears stuck inside the $2-2.50 trading range, hinting at a growing bias conflict in the market.

*WLD/USD daily price chart. Source: TradingView*

## WLD could stick around $2 until October

Notably, WLD is a part of the Worldcoin Foundation launched by OpenAI’s Sam Altman on July 24.

The token has a maximum circulation supply of 143 million with 43 million going to Worldcoin’s app users via “airdrop” — 25 WLD per user — if they verify their identity using an eye-scanning physical orb.

*Worldcoin circulating supply as of July 29, 2023. Source: Dune Analytics*

The remaining 100 million tokens have been loaned to market makers outside the U.S. until October 2023. These market makers can return the WLD tokens or buy them for $2 + ($0.04 * X) — where X is the number of tokens being purchased divided by 1 million.

As a result, WLD price appears to be anchored around the $2 level, which, according to Kaiko Research, could be Worldcoin’s strategy to keep the token attractive for potential users.

“Convincing people to scan their eyes for 25 units of a token that doesn’t yet exist can be challenging; if the token’s price is, say, $0.10, it’s even more challenging,” the data analysis firm said in its latest report, adding:

> “The 25 WLD tokens are currently worth a little more than $50 and will likely stay in that range for the next three months. So far, this seems to be enticing people to sign up and scan.”

## Worldcoin price technical analysis

The total number of Optimism wallets holding WLD tokens have jumped to nearly 305,000 since July 24, according to Dune Analytics.

*Optimism wallets holding WLD. Source: Dune Analytics*

Meanwhile, the WLD transfer volume has dropped in the same timeframe. These metrics show that most traders have preferred to hold the token.

*WLD transfer volume sine. Source: Dune Analytics*

As a newly launched token, WLD lacks enough trading history to conduct a long-term price analysis. However, on a shorter-timeframe chart, the Worldcoin token appears to be fluctuating inside an ascending channel pattern.

*WLD/USD hourly price chart. Source: TradingView*

As of June 29, the price traded near the channel’s lower trendline while eyeing a rebound toward the $2.35-2.40 range (marked as “resistance 1” in the chart above), which coincides with the upper trendline.

***Related: Worldcoin is making reality look like a lot like Black Mirror***

A close above the upper trendline may increase WLD’s prospects of rallying further toward the $2.50-2.56 range (resistance 2) in Q3, up around 12% from current price levels.

On the other hand, breaking below the lower trendline could bring the WLD price inside the $2.15-2.20 range (support 1). A close below the lower trendline range could have the price test the $2-2.10 range as its next downside target, down approximately 10% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

[Source link](https://cointelegraph.com/news/worldcoin-stuck-downside-wld-price-analysis)