Key Takeaways
Since its March peak, Worldcoin (WLD) has experienced significant volatility, dropping dramatically and moving through correction phases.
The price of WLD is showing signs of a potential new bullish phase, but uncertainty remains as it navigates key resistance levels.
After peaking at around $12 on March 10, WLD saw a sharp decline, losing 69% and hitting a low of $3.73 by April 13 before closing that day at $4.40.
The price then entered an ascending channel, indicating a prolonged correction.
However, after reaching $6.50 on May 5, WLD resumed its downtrend, returning to the levels where the initial surge began.
By Sept. 6, WLD settled at $1.32 and began moving in a horizontal trading range. This movement may have completed an ABC corrective pattern, hinting at the potential start of a new bullish phase.
On Sept. 26, it reached a high of $2.20, breaking out above the horizontal support zone. After it was retested for support on Oct. 10, another higher high of $2.50 followed on 15.
A five-wave pattern emerged, signaling bullishness, but WLD attempted to surpass its prior high with no avail and made a 10% decline.
Is the first uptrend in a new bull phase over, or is there more room for the upside before it ends?
From Oct. 10, the upward momentum continued, and WLD reached a higher high, around $2.60, confirming a strong breakout and increasing the likelihood of a new bullish phase.
A developing uptrend above this level could indicate the end of wave 5.
A U-shaped bottom has formed, suggesting potential support at $1.30. The strongest confirmation would come from a completed five-wave pattern, followed by the upper level of the horizontal range acting as support upon retest.
Analyzing the wave structure, we can see that a symmetrical triangle is being formed, which could be a lower-degree wave 4 separating the higher-degree wave 5. This is why two scenarios are ahead.
Either WLD ended its five-wave impulse on Oct. 15 or has one higher high before this pattern fully develops.
The breakout direction from the symmetrical triangle will point out the likelihood of each scenario, but primarily, we can expect to see another upward advancement to $3.