Worldcoin (WLD) price has gone parabolic as the ongoing crypto bull run gains steam. The token has jumped in the past five straight days and is hovering at its highest point since December 23rd. It has soared by over 87% from its lowest point this year, giving it a market cap of over $497 million.
Spot and futures volume is risingWorldcoin’s rally has been accompanied by rising volume in the spot and futures market. Data by CoinGecko shows that the spot volume on Thursday stood at over $137.7 million, up from $110 million on Wednesday.
By midday on Friday, the volume was already up to $131 million and this trend may continue as the crypto bull run continues. Most notably, this volume is much higher than where it was in the past few weeks where its daily volume was averaging less than 60k.
Meanwhile, further data reveals that the WLD open interest in the futures market has continued rising in the past few weeks. It jumped to over $106 million on Friday, higher than $80 million on Thursday. It jumped to its highest point since January 3rd. Most of this volume was in Binance followed by Bybit and OKX.
Open interest is an important volume in the futures market because it is a sign of demand among investors. A higher figure is a sign that demand is rising, which leads to higher prices in the near term. In most cases, cryptocurrency prices tend to have a close correlation with futures open interest.
WLD futures open interest chart
Another relevant data is the volume of liquidations. As shown below, data shows that shorts liquidations have been rising in the past few days. They jumped to a two-month high of $1.31 million on Friday.
WLD liquidations
Worldcoin price forecast
The WLD token price has done well recently after bottoming at $2.16 in January. This surge happened even as the network’s fundamentals remained questionable. On-chain data shows that the number of accounts is not growing as fast.
WLD price has remained much higher than the 50-day moving averages while oscillators like the Percentage Price Oscillator (PPO) and the Relative Strength Index (RSI) have moved to the overbought level.
Therefore, the outlook for the WLD token is stil bullish since it has a bullish momentum. If this happens, the next point to watch will be at 4.775, its highest point in December.
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