WLD Price Rebounds 8% Despite Selling Pressure from FTX Liquidation

The cryptocurrency market has rebounded more than 6 percent in the past 24 hours to about $2.24 trillion, and worldwide (WLD) has not been left behind.

Cryptocurrency market rebounds over 6% to $2.24T; Worldcoin (WLD) price recovers 8%

The cryptocurrency market has seen a significant rebound of more than 6 percent in the last 24 hours, bringing the total market cap to around $2.24 trillion, and Worldcoin (WLD) has not been left behind in this rally. According to the latest crypto data, WLD price saw a rise of more than 8 percent in the past 24 hours to trade around $1.76 on Friday during the early Asian session.

However, despite the recent gains, WLD price is still far from a full recovery, as holders have seen drawbacks of nearly 85 percent over the last five months. In comparison, since March this year, Solana (SOL) and Dogecoin (DOGE) prices have retracted by about 30 percent and 50 percent, respectively.

WLD Price Faces Immense Selling Pressure from FTX Liquidation

Alameda Research started depositing their $WLD to CEX!

9 hours ago, Alameda moved the very first 205,387 $WLD ($352K) to #Binance, after vesting them from the #Worldcoin a year ago.

Notably, the deposit came after an N.Y. judge officially ordered FTX and Alameda… pic.twitter.com/uD21ntrS6R

On August 7, a U.S. District Judge Peter Castel ordered the defunct crypto exchange FTX and its sister investment firm Alameda Research to pay creditors $12.7 billion. On-chain data analysis shows that FTX and Alameda Research currently own 24.8 million WLD coins, which are valued at approximately $45.6 million.

Interestingly, FTX and Alameda Research have already started depositing the WLD coins in different centralized exchanges (CEXs) led by Binance. In the last 24 hours, FTX and Alameda Research deposited 204,397 WLI coins, which are worth about $352K, to Binance.

Midterm Expectations

The Worldcoin project has grown to a major ecosystem with more than 6.4 million verified World ID users from over 160 countries. Backed by OpenAI’s CEO, Sam Altman, the project could significantly grow further, fueled by speculation of possible integration with Microsoft-backed ChatGTP.

In the meantime, WLD’s price has been attempting to rebound from a major correction in the past five months.

From a technical standpoint, the WLD price against the US dollar has been forming a possible reversal pattern characterized by bullish divergence on the daily Relative Strength Index (RSI) amid consolidation at lower lows.

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