Worldcoin (WLD) Price Bounces From Yearly Low: Is the Bottom In?

Worldcoin (WLD) has been experiencing substantial volatility since reaching its peak price of $12 in March. After a steep correction, the cryptocurrency may now be on the verge of a bullish breakout, with key technical indicators signaling a possible reversal and the beginning of a new rally.

Key Takeaways

• Steep Drop from Peak: WLD dropped from $12 in March to $1.32 in September, losing 88% of its value since its all-time high (ATH).
• Positive Technical Signals: Indicators like the Relative Strength Index (RSI) and MACD are showing bullish signs, with WLD gaining 27% from its recent low.
• Potential Bullish Breakout: A breakout above $1.70 resistance could confirm the start of a new bullish phase, with higher highs expected in the coming months.

Worldcoin Price Analysis

Credit: Nikola Lazic/TradingView

From a peak of $12 on March 10, Worldcoin (WLD) saw a dramatic drop of 69%, landing at $3.73 by April 13, where it closed the day at $4.40. The price then followed an ascending channel, but it failed to regain momentum and continued its correction.

After reaching $6.50 on May 5, WLD entered another downtrend, retracing to earlier support levels. On September 6, the price touched $1.32 and entered a horizontal range, which may mark the completion of an ABC three-wave pattern, suggesting the possibility of an upcoming bullish phase.

Technical Indicators Suggest a Bullish Reversal

Recent movements have shown some positive momentum:

• Relative Strength Index (RSI): Currently showing signs of recovery.
• MACD Indicator: Indicating that WLD might be preparing for a breakout.

The price has increased by 27% from its recent low, hovering near the top of a horizontal range. A breakout above this range would signal a potential rally. However, a rejection could lead to another downturn, so further confirmation is required.

Worldcoin Short-Term Price Prediction

Worldcoin is currently forming a U-shaped bottom, another sign that the $1.30 support level may have been the bottom. A U-shaped bottom pattern often signals a reversal in market direction.

To confirm this bullish trend, the price needs to break through the $1.70 resistance level and stay above it during the expected retest. Developing a five-wave pattern will be the strongest indicator of a sustained rally. Additionally, a higher low above $1.50 on the next downturn will provide further confirmation of a longer-term bullish trend.

If the price movement aligns with these projections, WLD could enter a new sustained bull phase, offering significant upside potential for investors.

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FAQs

What is causing the recent price movement of Worldcoin (WLD)?

Recent price movements of Worldcoin are likely driven by market corrections following its steep decline from its all-time high, along with positive technical signals such as RSI and MACD indicators suggesting a bullish breakout.

What is the current resistance level for Worldcoin (WLD)?

Worldcoin faces resistance at $1.70. A breakout above this level could signal the start of a new bullish phase.

Is Worldcoin (WLD) a good investment right now?

While there are positive technical indicators, WLD remains highly volatile. A confirmed breakout above key resistance levels would provide stronger support for bullish sentiment.