Worldcoin (WLD) Gains 11% in 24 Hours but Could Face More Selling Pressure

Key Takeaways

• Descending channel structure dominates price action
• Fibonacci retracement levels acting as key inflection points
• Elliott Wave count suggests a possible final corrective wave
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Worldcoin (WLD) has traded in a well-defined descending channel, forming a corrective wave structure after its peak.

The price action suggests an ongoing battle between buyers and sellers, with the potential for either a breakdown to lower support levels or a breakout toward key Fibonacci resistance zones.

The Elliott Wave structure points to an extended correction that may be nearing completion. An upcoming inflection point is likely to dictate the next major trend.

WLD Price Analysis 

WLD has been in a prolonged downtrend, with its price adhering to a descending channel pattern since its $4.20 high on Dec. 6.

The corrective structure appears to be unfolding as a five-wave sequence, with the current price action suggesting that wave (e) of the correction is either developing or near completion.

The price recently tested a critical Fibonacci support level at 0.786 ($0.969), which was the Feb. 3 low, and made an 11% recovery. 

From a broader perspective, the price previously peaked near $4.20 before initiating a sustained decline.

Each major Fibonacci extension level has acted as resistance during the downtrend, with the 0.618 ($1.34) and 0.5 ($1.61) levels proving particularly significant.

Notably, the last attempt to break above the channel failed, indicating that sellers remain in control.

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The Relative Strength Index (RSI) has remained in the lower range, suggesting weak momentum. However, a strong push above the descending resistance line could indicate a shift in trend.

The confluence of key Fibonacci levels within the green resistance zone ($1.34–$1.61) makes it a critical area to watch.

A failure to reclaim these levels would likely confirm the continuation of the downtrend, potentially extending toward deeper Fibonacci extensions.

WLD Price Prediction

On the 1-hour chart, WLD trades near a key decision point, with two potential scenarios unfolding. The first possibility is a breakdown below the $0.969 support, which would likely extend the correction toward the 1.0 Fibonacci extension level at $0.485.

Given the descending channel structure, a breakout to the upside will signal a new bull phase. The recent development can be interpreted as a double bottom since the price found support at the prior low. 

WLD could see a bounce toward the upper channel boundary if buyers step in. In this scenario, the key resistance level to overcome would be $1.29, coinciding with the 1.0 Fibonacci retracement of the last downward wave.

A break above this zone would open the door to a rally toward $1.61 (0.5 Fibonacci retracement), with further upside potential toward $1.92 (0.786 retracement).

The RSI on the 1-hour chart suggests a possible short-term relief rally as the market appears slightly oversold. However, the overall bias remains bearish without a strong push above key resistance levels.

If WLD fails to reclaim the $1.29 resistance, the downward trend will likely persist, targeting the next Fibonacci extension levels. 

Key Levels to Watch

• Immediate Resistance: $1.29 (1.0 Fibonacci retracement).
• Key Resistance: $1.61 (0.5 Fibonacci retracement).
• Major Resistance: $1.92 (0.786 Fibonacci retracement).
• Immediate Support: $0.969 (0.786 Fibonacci retracement).
• Key Support: $0.485 (1.0 Fibonacci extension).
• Critical Support: $0.12 (1.272 Fibonacci extension).