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Worldcoin stuck after 70% drop from peak — More downside for WLD price?

July 29, 2023 Coin Telegraph

AI token

WLD price may get anchored to $2 until October, primarily due to its initial supply distribution.

The price of Worldcoin (WLD) has stabilized after a volatile debut across mainstream cryptocurrency exchanges.

On July 29, the WLD price rose nearly 6% to $2.35. Still, the token was down 70% from its market debut peak of $7.50.

It now appears stuck inside the $2–2.50 trading range, hinting at a growing bias conflict in the market.

*WLD/USD daily price chart. Source: TradingView*

WLD could stick around $2 until October

Notably, WLD is a part of the Worldcoin Foundation launched by OpenAI’s Sam Altman on July 24.

The token has a maximum circulation supply of 143 million, with 43 million going to Worldcoin’s app users via airdrop — 25 WLD per user — if they verify their identity using an eye-scanning physical orb.

*Worldcoin circulating supply as of July 29, 2023. Source: Dune Analytics*

The remaining 100 million tokens have been loaned to market makers outside the United States until October 2023. These market makers can return the WLD tokens or buy them for $2 + ($0.04 * X) — where X is the number of tokens being purchased divided by 1 million.

As a result, WLD price appears to be anchored around the $2 level, which, according to Kaiko Research, could be Worldcoin's strategy to keep the token attractive for potential users.

“Convincing people to scan their eyes for 25 units of a token that doesn’t yet exist can be challenging; if the token’s price is, say, $0.10, it’s even more challenging,” the data analysis firm said in its latest report, adding:

“The 25 WLD tokens are currently worth a little more than $50 and will likely stay in that range for the next three months. So far, this seems to be enticing people to sign up and scan.“

Worldcoin price technical analysis

The total number of Optimism wallets holding WLD tokens has jumped to nearly 305,000 since July 24, according to Dune Analytics.

*Optimism wallets holding WLD. Source: Dune Analytics*

Meanwhile, WLD transfer volume has dropped in the same timeframe. These metrics show that most traders have preferred to hold the token.

*WLD transfer volume sine. Source: Dune Analytics*

As a newly launched token, WLD lacks enough trading history to conduct a long-term price analysis. However, on a shorter-timeframe chart, the Worldcoin token appears to be fluctuating inside an ascending channel pattern.

*WLD/USD hourly price chart. Source: TradingView*

As of June 29, the price traded near the channel’s lower trendline while eyeing a rebound toward the $2.35–2.40 range (marked as “resistance 1” in the chart above), which coincides with the upper trendline.

A close above the upper trendline may increase WLD’s prospects of rallying further toward the $2.50–2.56 range (resistance 2) in Q3, up around 12% from current price levels.

On the other hand, breaking below the lower trendline could bring the WLD price inside the $2.15–2.20 range (support 1). A close below the lower trendline range could have the price test the $2–2.10 range as its next downside target, down approximately 10% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

XRP price: ‘sell the news’ moment nears after crypto-leading 20% weekly gain

March 27, 2023 Coin Telegraph

Altcoin

XRP whales have been accumulating since February with only days remaining until the SEC vs. Ripple lawsuit could reach its potential conclusion.

XRP (XRP) price is currently outperforming all other major cryptocurrencies as of March 27, rising over 20% in the past seven days.

*XRP/USD daily price chart. Source: TradingView*

XRP accumulation ahead of SEC vs. Ripple ruling

XRP has seen steady gains over the past seven days as the ongoing legal quandary between Ripple and the U.S. Securities and Exchange Commission (SEC) is expected to conclude by the end of March.

Meanwhile, the supply of XRP held by addresses with a balance between 10 million and 100 million tokens has risen by over 1% since February. That coincides with a 0.75% drop in the XRP supply held by the 1 million-10 million address cohort.

*XRP balance in addresses holding between 1,000 and 100 million tokens. Source: Santiment*

The addresses holding between 1,000 and 1 million XRP also increased their token holdings in the same period. That shows the XRP whales stacked up more tokens in the days leading up to the ruling on SEC vs. Ripple's so-called summary judgment.

Multiple observers, including legal expert John Deaton, see Ripple winning the case, arguing that the SEC may have failed to give the company a "fair notice" before suing it for committing securities fraud.

I have no doubt Ripple will win and the current Supreme Court will shut down the @SECGov’s gross overreach. The West Virginia EPA case is all you need to read to agree with me. @Ripple’s summary judgment brief is already an extremely well written appellate brief. https://t.co/o3g9zML9S2
— John E Deaton (@JohnEDeaton1) February 20, 2023

In recent months, Analisa Torres, the federal judge overseeing the lawsuit, has also favored Ripple on various motions. For instance, she has approved Ripple's demand that the SEC makes its internal emails and documents regarding cryptocurrencies public, which may prove that the regulator unfairly targeted the company.

25% XRP price pullback in April?

From a technical perspective, the XRP/USD rally has brought the pair near a resistance confluence zone, which may lead to bearish reversal in the coming weeks.

The confluence comprises of a multi-year descending trendline (black), a 200-3D exponential moving average (200-3D EMA; the blue wave) and a support-turned-resistance horizontal level at around $0.50 (purple).

*XRP/USD three-day price chart. Source: TradingView*

In addition, XRP's three-day relative strength index (RSI) eyes a close above its overbought threshold of 70, adding to the bearish case for April.

In the case of a pullback, the XRP price's next downside target appears at its multi-month ascending trendline support (black) around $0.35, down about 25% from current price levels.

On the other hand, a breakout above the descending trendline will have XRP price eyeing $0.60 as the next upside target.

This level has served as support in December 2021 and January 2022 — and as resistance in the September-October 2022 session. It is also the target of a prevailing bull pennant structure.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

3 signs Axie Infinity price risks giving up its 135% gains in January

January 23, 2023 Coin Telegraph

Altcoin Market

AXS price has formed a "gravestone" doji on its daily chart that coupled with its recent token unlock event hint at a potential bearish reversal ahead.

Axie Infinity (AXS) has rallied 135% month-to-date to reach approximately $14 on Jan. 23, its highest level in two months. Nonetheless, the AXS/USD pair could suffer major losses in the coming weeks owing to a flurry of negative technical and fundamental indicators.

Axie Infinity price prints "gravestone" doji

The AXS price formed a "gravestone doji" candlestick on Jan. 23, which technical analysts view as a bearish reversal pattern.

A gravestone doji appears when an asset's opening, closing, and the lowest price comes to be nearly identical except for the highest price, as shown in the chart below. The long upper wick shows that the bears pared all of the gains printed by the candle during the given session.

*AXS/USD daily price chart featuring gravestone doji. Source: TradingView*

AXS seems to have been forming a similar candlestick pattern as of Jan. 23, with bears rejecting its advance above the $14 price level, triggering a 10%-plus intraday price drop.

In addition, the rejection came as the AXS/USD pair's relative strength index (RSI) crossed into overbought territory, coinciding with its price testi the 200-day exponential moving average (200-day EMA; the blue wave in the chart above), which has served as resistance in January 2022 and April 2022.

These three factors have raised AXS's possibility of undergoing a price correction in the coming weeks. The nearest downside target for AXS comes to be near its 50-day EMA (the red wave) at around $8, or a 40% drop by March.

Axie Infinity total supply expands 1.8%

From a fundamental perspective, the Axie Infinity price could fall in the coming weeks due to its latest supply unlock.

On Jan. 23, AXS's circulating supply grew by 4.8 million, about 1.8% of its total supply of 270 million, after a scheduled vested token unlock. Theoretically, more supply could push prices lower if demand does not increase.

$AXS #AXS

Token unlocking coming ⚠️⚠️⚠️

Dont #fomo guys this one …looks like #bulls are doing exit pump on $axs pic.twitter.com/azSvRYjZ7m
— KalababaS crypto world (@KalababaS) January 23, 2023

AXS price bullish hopes remain

On larger-timeframe charts, however, AXS appears to have formed a falling wedge, which analysts treat as a bullish reversal pattern.

*AXS/USD three-day price chart featuring falling wedge pattern. Source: TradingView*

AXS's ongoing recovery run has resulted in its price breaking out of the wedge that's been in place since May 2022.

In theory, such a move could mean that the price could rise by as much as the the wedge's maximum height. In other words, the bullish target for AXS price is now around $22.50, up nearly 70% from current prices.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

FTX hires forensics team to find lost customers’ billions: Report

December 8, 2022 Coin Telegraph

Alameda Research

Lawyers have claimed FTX assets are either stolen or missing and now a team of financial forensic experts is attempting to trace the money trail.

The new management for bankrupt crypto exchange FTX has reportedly hired a team of financial forensic investigators to track down the billions of dollars worth of missing customer crypto.

Financial advisory company AlixPartners was chosen for the task and is led by former Securities and Exchange Commission (SEC) chief accountant, Matt Jacques, according to a Dec. 7 report from the Wall Street Journal.

It is understood that the forensics firm will be tasked with conducting “asset-tracing” to identify and recover the missing digital assets and will complement the restructing work being undertaken by FTX.

On Nov. 11 hackers drained wallets owned by FTX and FTX.US of over $450 million worth of assets.

Former CEO Sam Bankman-Fried claimed in an interview recorded on Nov. 16 with crypto blogger Tiffany Fong that he was close to finding who the hacker was and that he had “narrowed it down to eight people” believing it was “either an ex-employee or somewhere someone installed malware on an ex-employee’s computer.”

On Nov. 22, a lawyer representing FTX debtors stated that “a substantial amount of assets have either been stolen or are missing” from FTX, and revealed at the time that blockchain analytics firms such as Chainalysis had been enlisted to help as part of the proceedings.

The stolen funds from FTX have since been on the move through various crypto mixers and exchanges to launder the funds.

The hacker transferred their Ether (ETH) holdings on Nov. 20 to a new wallet address and swapped some of the ETH for an ERC-20 version of Bitcoin (BTC) afterward bridging the funds to the BTC Network.

They then used a laundering technique called peel chaining that subdivides the holdings into increasingly smaller amounts across multiple wallets and sent the BTC through a crypto mixer then to the OKX exchange on Nov. 29.

The hacker also attempted more peel chaining by splitting 180,000 ETH across 12 newly created wallets on Nov. 21.

Former CEO Sam Bankman-Fried has also previously claimed to have “unknowingly commingled” customer funds at FTX and its sister trading firm Alameda Research with customer funds at FTX loaned to Alameda.

FTX’s new CEO and chief restructuring officer, John Ray III, was scalding in his initial bankruptcy filing saying that “never” in his 40-year career had he “seen such a complete failure of corporate controls.”

He claimed Bankman-Fried and his closest colleagues are “potentially compromised” and used “software to conceal the misuse of customer funds.”

Public Bitcoin miners’ hash rate is booming — but is it actually bearish for BTC price?

October 25, 2022 Coin Telegraph

Bitcoin

Efforts to keep Bitcoin mining operations afloat may end up stressing the spot BTC price further lower.

The public miners' share of the Bitcoin (BTC) network could grow to 40% by mid-2023, according to a new report by Hashrate Index. But this could bring more stress to an already bearish BTC market.

Public Bitcoin miners' hash rate jumps 295% in a year

The outlook appeared after assessing the hash rate performance of Core Scientific, Marathon Digital Holdings, Riot Blockchain, and other public miners in the last 12 months. Notably, these firms increased their hashing capacity to 58 EH/s in October 2022 from 15 EH/s a year ago — up 295%.

*Bitcoin mining public versus private hash rate performance. Source: Hashrate Index*

In comparison, the private miners' Bitcoin hashrate increased from 134 EH/s to 177 EH/s in the same period — 58% growth.

"The driving force for the public miners' rapid capacity increases is that they could access cheap capital during the bull market of 2021," explained Jaran Mellerud, a Bitcoin mining analyst and author of the Hashrate Index report.

He adds that public miners employed the money to purchase massive mining rigs. As a result, these firms have tens of thousands of Bitcoin mining rigs in storage, waiting to be plugged in, while awaiting deliveries of more rigs.

Core Scientific - the biggest public #bitcoin miner - has a 5% share of the total hashrate. Marathon and Riot follow behind, each controlling over 2% of Bitcoin's hashrate.

In total, there are seven public bitcoin miners with a hashrate share of more than 1%. pic.twitter.com/ZnwsFjvQcy
— Jaran Mellerud (@JMellerud) October 24, 2022

Thus, the Bitcoin hash rate generated by public miners could continue to increase substantially as more and more new machines come online.

On the other hand, private miners couldn't access the capital to purchase mining rigs. So their hash rate contribution growth may remain slower by comparison, argues Mellerud.

Stressed miners could boost Bitcoin selloff risks

But in 2022, Bitcoin miners in general have been battered by declining BTC prices, rising energy costs, regulations, and growing competition. Public mining firms have rushed to raise capital by issuing additional stakes or by taking on more debt, resulting in massive declines in their stock prices.

For instance, Valkyrie Bitcoin Miners ETF (WGMI), which tracks several major public miners, has plunged 75% since its launch in February.

*Valkyrie Bitcoin Miners ETF weekly price chart. Source: TradingView*

Another unpopular alternative to raising capital is selling Bitcoin at lower prices. For instance, Core Scientific has dumped 85% of its Bitcoin holdings since the end of March, according to its August update.

The same period witnessed BTC's price decline by 60% to around $19,500 a token. In other words, a growing hash rate may boost miners' need to sell Bitcoin for cash to keep their operations running.

"Its an absolute bloodbath," wrote Marty Bent, founder of Bitcoin media company TFTC, adding:

"Bitcoin miners are in a world of hurt right now and the likely outcome is a wave of failures in the coming months as hashrate continues to pump, the price remains flat and as energy prices continue to rise."

*BTC/USD weekly price chart. Source: TradingView*

Meanwhile, Mellerud says that many public miners will not be able to handle a decline in cash flows, resulting in bankruptcies. As a result, their mining rigs could be auctioned off to private miners.

Conversely, public miners' decision to increase their capacity may pay off if the Bitcoin price undergoes a decisive bullish reversal. As Cointelegraph reported, signs of a potential market bottom are already emerging, which would provide relief to miners struggling at current prices.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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