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Worldcoin (WLD) Price Drops 10% After Failing to Break $2.50 Resistance

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • WLD formed an ascending channel, signaling prolonged correction phases.
  • A symmetrical triangle pattern suggests an imminent breakout direction.
  • Strong support at $1.30 could fuel another upward move.

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.

Worldcoin Price Analysis

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.

WLD price analysis
WLDUSD struggles below $2.50 | Credit: Nikola Lazic/TradingView 

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? 

WLD Price Prediction

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.

WLD price prediction
WLDUSD symmetrical triangle developed | Credit: Nikola Lazic/TradingView 

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. 

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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