Worldcoin [WLD] experienced a volatile week, with its price bouncing to $0.547 on October 17 before dropping to $0.478 the following day. This short-term volatility coincided with a 5.1% reduction in Open Interest over 24 hours and a 2.4% decline in the WLD token price. The Spot CVD has been decreasing over the past week, and the Funding Rate turned negative, indicating bearish short-term expectations and a market favoring short positions.
Despite the bearish signals, Worldcoin saw a price surge toward $0.55 due to South Korean retail FOMO and a resulting short squeeze. AI hype and the project's technological roadmap also contributed to a positive outlook. However, the bulls have struggled to maintain control of the $0.50 support level since late September, with the price slipping just below it.
Analyzing the Fixed Range Volume Profile from the annual low at $0.227 to the peak at $0.727, the Value Area High and Low were identified at $0.577 and $0.358, respectively. The Point of Control was at $0.50, a critical support level. If the price drops below $0.46, a correction to $0.40 or even $0.358 could occur. The $0.466 level on the 4-hour chart has been significant since late September, with the $0.56 area acting as a supply zone that could trigger a bearish reaction upon retest.
Worldcoin has formed lower highs and equal lows in October, suggesting that sellers are gaining control. The A/D indicator has remained flat, while the RSI hovers around neutral territory on the 4-hour timeframe. A close below $0.466 could flip the market structure bearishly, potentially leading to a move toward $0.40.