Key Takeaways
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.
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.
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.
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.
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.
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.
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.