Worldcoin (WLD) sinks 9% as Panama expansion announcement fails to ignite

Despite various upgrades that included rebranding to World Network and advanced verifications, Worldcoin has seemingly lost its initial appeal.

The artificial intelligence crypto project experiences prolonged bearishness despite the team’s effort to attain the global expansion objectives.

World developers announced World ID verification in Panama starting today, November 27.

WLD didn’t react to the optimistic news as it maintained it continued to erase last week’s gains.

The altcoin dropped from the $2.4757 daily high to $2.2587, an 8.77% decline, before reversing to press time levels of $2.37.

Moreover, WLD’s trading volume plummeted 33% to $535.21 million, reflecting significant weakness behind prevailing price trends.

Declined trading volume indicates faded investor interest and deteriorated activity from market players.

Furthermore, the daily chart showcases surged volatility with declines accompanied by slight recoveries.

Nonetheless, bears have outweighed bulls, signaling extended downsides.

What technical indicators say

Technical indicators display a mixed outlook for the World’s price actions.

The Moving Average Convergence Divergence reveals bullishness as the MACD line stays beyond the signal line.

Nevertheless, the histogram flashed weakness, with sellers looking to take over.

The Relative Strength Index at 55 suggests a neutral momentum leaning to bullishness.

Meanwhile, the Chaikin Money Flow dipped from 0.13 to 0.03 in the last three days.

That signals reduced money flowing into WLD’s ecosystem as investors lose confidence in the token’s future.

WLD's potential 68% reversal

While global regulations have contributed to Worldcoin’s underperformance, the token has mostly followed broad market trends.

The current bearish performance follows the latest broad market plunge, which saw Bitcoin sliding towards $90K before recovering to $93.4K at press time.

With analysts forecasting swift broad market bounce-back, which could propel BTC to the sought-after $100K, WLD remains poised for impending price revivals.

Renowned analyst Ali Charts supports this narrative.

He highlighted a heads-and-shoulder bottom pattern, which signals possible reversals for World.

The setup has its head at the $1.28 price mark and shoulders at around $2.18.

The analyst believes this pattern could skyrocket WLD price to $4 – a 68.78% surge from current prices.

Nevertheless, large-scale investors should step in for such a breakout.

IntoTheBlock data shows whales remained in the distribution phase the past month, with a single instance of significant exchange withdrawal.

The transaction involved around 80 million WLD tokens.

However, this activity could not move prices, confirming massive volatility hindering WLD’s breakouts.

A more robust and consistent accumulation is necessary to cancel the current selling momentum.

Moreover, traders are betting on bearish performance, according to more short positions within the perpetual market.

Nonetheless, a slight increase in whale accumulation would cancel the short positions, which have prevented price surges in recent months.

That would likely brew a short squeeze, rescuing WLD from its bearish tendencies and possibly welcoming new all-time highs.