Worldcoin (WLD) has outperformed many other altcoins and has been listed among the top ten trending tokens on CoinMarketCap. The token put on a stunning show, as bullish momentum is building in both the spot and derivatives markets. With the prevailing rally, analysts and traders are expecting the token to reach $1.5.
The WLD is an ERC-20 token on Ethereum. Designed as a utility token with governance properties, WLD empowers users by giving them a say over the future of the protocol. With increased inflows into the spot and derivatives market, the token barged into CoinMarketCap’s top ten trending list and captured the ninth spot.
At press time, the token is trading at $1.27, with a market cap of $2.55 billion after gaining more than 20% during the past 24 hours. Even the trading volume of WLD has increased by more than 180% and has hit $870 million.
Worldcoin (WLD) futures open interest hits $600 million
On the fundamental front, the futures open interest increased and hit $600+ million, rising from $300 million since early September. Futures open interest refers to the total number of active futures contracts that have not yet been closed or settled. It rises when traders open new positions, and falls when contracts are closed or expire. In crypto, open interest is closely watched because it reveals participation.
The chart below shows the open interest increasing while the prices are consolidating; it’s a sign that new positions are being built up even though the market isn’t moving much yet.
WLD hit $45 million on spot netflow at press time. This is the first time since more than 5 months that WLD netflow printed a positive number.
WLD trades in a bearish butterfly pattern, and $1.5 looks achievable
WLD is trading inside a bearish butterfly pattern. The bearish butterfly pattern is a chart formation that traders watch for when an uptrend is running out of steam. It looks like a series of four price swings that form the shape of stretched wings.
Although it says bearish butterfly pattern, however, it becomes bearish only after completing the pattern. Since WLD is forming the CD part, the token could rise above $1.5 and hit $1.6.
