Worldcoin (WLD) Price Slips Below $2 in Early November, Bullish Signs Point to Recovery
WLD price finds itself at horizontal support. As it was previously in a downtrend, a bounce might indicate an upturn to a new bull phase.
Key Takeaways
- WLD completed a five-wave bullish pattern recently.
- Support at $1.60 suggests a new bullish phase.
- The potential target is $3.70 for the next major high.
Following a significant drop earlier this year, Worldcoin (WLD) has recently shown signs of recovery, breaking above key support levels and forming bullish wave patterns.
After a 33% pullback to the $1.60 level—a critical Fibonacci retracement—WLD is poised for a potential upward move.
With technical indicators aligning, WLD could be on track for a bullish phase, aiming at around $3.70 in the coming period.
WLD Price Analysis
After peaking around $12 on March 10, WLD experienced a sharp 69% decline, hitting a low of $3.73 by April 13 before closing at $4.40.
The price then entered an ascending channel, indicating a prolonged correction phase. However, after reaching $6.50 on May 5, WLD resumed its downtrend, eventually returning to the levels where its initial rally had started.
By Sept. 6, WLD settled at $1.32, entering a horizontal trading range. This sideways movement may represent the completion of the highest degree ABC corrective pattern, hinting at the potential start of a new bullish phase.
On Sept.26, WLD broke above its horizontal support zone, reaching $2.20. After a retest for support on Oct. 10, it advanced to a new high of $2.50 by 15.
A five-wave pattern formed, indicating bullish sentiment, likely concluding with the Oct. 15 high. Following this, WLD saw a 33% retracement to a low of $1.60 area on Nov. 4.
WLD Price Prediction
Since Oct. 10, WLD’s price has shown upward momentum, reaching a high of $2.67 and confirming a breakout. This strengthens the potential for a new bullish phase.
This latest uptrend marked the completion of wave five.
The subsequent pullback formed a descending triangle, bringing the price down to the 0.786 Fibonacci retracement level at $1.60—a typical stopping point for corrective waves.
This level sits at the horizontal support zone, which WLD previously broke out from, signaling the start of a new bull phase.
If the first five-wave impulse has been completed, followed by an ABCDE correction, the next rise could signal the start of a new upward movement. Using the Fibonacci extension tool, WLD has the potential to reach $3.70 on its next major high.
Further confirmation is needed, but the breakout above the descending triangle is an encouraging first signal.
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