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Worldcoin (WLD) Price Reclaims $2 After 25% October Increase — Here’s What’s Next

Published
Valdrin Tahiri
Published
By Valdrin Tahiri
Edited by Ryan James

Key Takeaways

  • Worldcoin (WLD) broke out from a long-term resistance area.
  • The wave count shows a completed five-wave decline.
  • How long can the Worldcoin price continue to increase?

The Worldcoin price fell at the start of October. However, it has regained its footing in the past 10 days, reaching a 77-day high of $2.35 today, on Oct. 14.

The upward movement caused a breakout from a long-term horizontal resistance area.

Despite this breakout, there is a discrepancy between the long- and short-term readings. Let’s analyze the WLD price action and see the most likely future outlook.

WLD Price Clears Resistance

The daily time frame Worldcoin graph shows that the price has increased since Sept. 6, when it nearly fell to an all-time low. The movement reclaimed the $1.45 horizontal area, confirming it as support.

After one failed breakout attempt on Sept. 27, WLD moved above the $2.10 horizontal area on Oct. 14, reaching a high of $2.36.

This is the highest price since July 29. The WLD price is now outside the $1.40-$2.10 range, which has existed since the start of August.

While WLD could fall and retest the $2.10 area as support, it will likely increase to the next resistance area at $3.

Technical indicators also support this bullish Worldcoin price prediction, implying that the upward movement will continue.

WLD Price Movement
WLD/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView 

The Relative Strength Index (RSI) has increased above 50 while the Moving Average Convergence/Divergence (MACD) has made a bullish cross and is above 0, a sign of a positive trend.

So, the daily time frame implies that the WLD upward movement will continue at least until the price reaches $3.

Analyst ElonTrades is extremely bullish  on WLD, noting the ongoing breakout and Sam Altman’s announced plans to onboard 700 million users.

Look at the long-term price movement and see how this breakout fits in.

Possible Relief Rally?

While the daily time frame chart is bullish, the weekly one indicates that the Worldcoin’s upward movement will be a relief rally instead of leading to new highs. This is because the WLD price completed a five-wave decline (white) in March.

So, the most likely future wave count suggests the ongoing increase will be just an A-B-C corrective structure (black) instead of a new five-wave increase.

Nevertheless, this proposed count will still take the WLD price to the confluence of resistances at $4.70-$5.35, created by a horizontal resistance area and the 0.382 Fibonacci retracement resistance level.

WLD Wave Count
WLD/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView 

This possibility is supported by the fact that WLD trades inside an ascending parallel channel, currently validating its resistance trend line (black).

So, the WLD price may fall toward the channel’s midline, which coincides with the $2.10 horizontal area.

WLD Price Channel
WLD/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView 

In the context of the wave count, this could mark the end of the corrective wave B, after which another increase toward the confluence of resistances at $4.70-$5.35.

WLD Price to Double

The daily time frame chart shows a WLD breakout from a long-term horizontal resistance area. The readings are positive and indicate that the upward movement will continue.

While the long-term readings indicate this will simply be a relief rally, a more than 100% price increase is still likely, even if that is the case.

Read more: Worldcoin Price Prediction 2024: WLD Price Analysis
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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