Worldcoin (WLD) Price Bounces From Yearly Low — Bottom Could Be In
WLD fell 88% since its ATH but formed a U-shaped bottom pattern. A breakout above its support zone ahead?
Key Takeaways
- Worldcoin dropped 88% since its all-time high but could be making an upturn
- Key indicators suggest positive momentum and a potential breakout.
- A five-wave pattern may confirm the start of a new uptrend.
Worldcoin (WLD) has experienced significant volatility since its peak at $12 in March, with a sharp correction followed by a potential shift towards a bullish phase.
After a series of declines, the price now shows signs of recovery, with technical indicators suggesting the possibility of a breakout and the start of a new rally.
Worldcoin Price Analysis
From its peak of around $12 on March 10, the price dropped 69% to $3.73 by April 13 before closing the day at $4.40.
Since then, the price has moved within an ascending channel, but this was only its long-lasting correction at the mid-point.
Since the $6.50 high on May 5, we saw another downtrend, leading the price back to the level from which the previous price increase started.
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On Sept. 6, the price landed at the $1.32 level and stayed in the horizontal range. This could have concluded its ABC three-wave pattern since the all-time high, meaning that WLD could enter a new bullish phase.
The daily Relative Strength Index (RSI) and MACD indicators show positive signs, with the price rising by 27% since its recent low. A breakout above the horizontal range could imply that WLD is on the verge of a new price rally.
The price is now putting pressure on the upper level of the horizontal zone, and it appears that a breakout is imminent. However, further confirmation is needed as it could also end in rejection, causing the price to take another downturn.
WLD Price Prediction
If the positive momentum continues and the price advances to a higher high of around $2, that would confirm it has the strength for a decisive breakout.
The likelihood of WLD starting a new bull phase would increase as we see its next uptrend slightly longer, making a higher high for a potential wave three.
A U-shaped bottom pattern formed, another sign that WLD most likely found its support at $1.30, but developing a five-wave pattern will be the strongest confirmation.
If the price surpasses its $1.70 resistance and maintains above it on the expected retest, another higher high would conclude a five-wave pattern.
Only after this can we validate our assumption, but establishing a higher low above $1.50 on the next downturn will provide the second strong confirmation. If the price of WLD acts according to our projection, we can call for a sustained bull phase moving forward.
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