WLD Price Plunge Looms as Short-Covering Fades

WLD's price surged by 13.82% in 24 hours, reaching $0.37 and hitting the upper Bollinger Band resistance ceiling.

However, this move is not necessarily a breakout, but rather a short-covering phenomenon triggered by a sharp increase in Bitcoin's value.

The open interest dropped by 9.18% during the same period, indicating that the rally was driven by forced short liquidations, not fresh buying conviction.

Despite this, top traders tracked by Binance hold a long bias of 61.4%, and aggressive taker buy pressure is supporting the price.