The Worldcoin ($WLD ) community is in an uproar after the project team wallet suddenly moved a huge amount of token, raising concerns about a new sell off in the context of the weak price trading around $0.58.
🔹 The Worldcoin team has transferred 44 million WLD (worth ~$25.6 million) to two other linked wallet.
In the past, token from this wallet were often transferred to the exchange through Amber Group for liquidity. A month ago, a similar move with 40 million tokens pushed the WLD price down to $0.56.
🔸 Selling pressure is weighing on WLD.
The Spot Taker CVD index has turned red after 2 day of slight recovery, showing that the buyer have completely lost the upper hand.
Sell volume 10.65 million outnumber buy 9.8 million, creating a negative Delta -0.85 million.
🔹 Technically, WLD is in a long term downtrend channel below the 20, 50, 200 MA lines.
If the newly transferred token are dumped into the market, the $0.55 support level is at risk of being breached, pushing the price down to $0.50.
WLD need to reclaim $0.60 to break the downtrend structure and head toward the 20 EMA at $0.635.
The project team actions are creating a psychological dark cloud over investor. Confidence is being tested to the extreme at the last support zone.
Do you think the Worldcoin team is preparing to dump or just restructure their wallet?
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