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Worldcoin (WLD) Price Jumps 35% Following Cup and Handle Breakout

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • WLD is down 69% from its peak, a possible bullish phase ahead.
  • RSI signals positive momentum; breakout confirmation is needed.
  • Potential support at $1.30; trend hinges on breakout.

After peaking around $12 on March 10, Worldcoin (WLD) faced a sharp decline before finding support and moving into a prolonged correction phase.

The recent consolidation and horizontal trading range suggest that WLD may be entering a new bullish phase.

Positive indicators, including a U-shaped bottom and improving RSI, point toward a potential breakout, although a confirmed trend is yet to be established.

Worldcoin Price Analysis

After reaching a peak of around $12 on March 10, WLD experienced a sharp decline, dropping 69% to $3.73 by April 13 before closing the day at $4.40. The price moved within an ascending channel, indicating a prolonged correction phase.

However, after hitting a high of $6.50 on May 5, WLD began another downtrend, returning to the levels where the initial price surge started.

WLD price analysis
WLDUSD showing signs of bottom | Credit: Nikola Lazic/TradingView 

By Sept. 6, WLD settled at the $1.32 level, entering a horizontal trading range. This movement potentially concluded an ABC corrective pattern since its all-time high, suggesting a new bullish phase may be on the horizon. 

The daily Relative Strength Index (RSI) showed positive signs, with WLD gaining 27% from its recent low.

A breakout above the horizontal range could signal the start of a new rally, though confirmation is needed to rule out a potential rejection and further decline.

We saw an attempt, but the price entered the horizontal range again and is now peaking above it. We will see if this momentum persists or if it faces another reversion. 

WLD Price Prediction

If the upward momentum continues, reaching a higher high, around $2.30 would indicate a strong breakout and increase the likelihood of a new bull phase. A developing uptrend that extends slightly higher could signal the end of wave five.

WLD short term prediction
WLDUSD two scenarios ahead Credit: Nikola Lazic/TradingView 

A U-shaped bottom has formed, indicating a potential support level of around $1.30. The strongest confirmation will come from a completed five-wave pattern, after which we will need to see the horizontal range at the upper level supporting the retest. 

On the other hand, the 35% rise from Oct. 3 could be a corrective increase, ending with a lower high. We could see WLD falling again, potentially to $1.30.

So, in both cases, whether or not WLD has another higher high, we expect a larger descending move as its first correction in a starting bull phase. We will see how likely WLD will continue its upward trajectory from its depth and momentum. 

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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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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