Worldcoin got absolutely hammered yesterday, dropping over 14% in just 24 hours. That’s way worse than the broader crypto market, which fell around 9%. WLD’s been stuck in sideways movement for months now since it initially pumped from $0.60.
So what’s causing all this pain? Regulatory issues are the biggest problem. Colombia just ordered Worldcoin to immediately delete all biometric data they collected from their citizens. The Philippines and Thailand also hit them with cease-and-desist orders telling them to stop operations completely. That’s a huge blow for users who were getting airdrops.
Making things worse, over 37 million WLD tokens worth about $25 million just got unlocked. That added massive sell pressure. There are still 4.25 billion WLD coins locked up, which is around 42% of the total supply.
Of course Bitcoin’s crash isn’t helping either. BTC is sitting just above $80,000 and dragging everything down with it. WLD’s been trading below a slanting trendline for three months now, showing a clear bearish structure.
But here’s the twist. The liquidation heatmap shows over $1.5 million in liquidity clustered around $0.63. The price is sitting at the apex of a wedge pattern right now, which usually means a big move is coming soon. Could be up or down, though.
Conclusion
Despite Worldcoin’s regulatory challenges and bearish price action, technical indicators suggest a potential reversal may be forming as the token approaches key support levels and wedge breakout zones.
Also Read: Bitcoin Drops
