Worldcoin (WLD) Rebounds as Wave Count Predicts 250% Price Increase
Her's How Worldcoin Can Increase by 250% | Credit: Veronica Cestari
Key Takeaways
- The Worldcoin (WLD) price has fallen 87% since its all-time high.
- Its decrease has been contained inside a descending parallel channel.
- When will the WLD downward movement finally come to an end?
The Worldcoin (WLD) price has trended downward for 148 days, coming to a temporary bottom on Aug. 5. After bouncing, the WLD price created a higher low in September. Measuring from the all-time high, WLD has fallen 87%.
However, several signs point to the beginning of a WLD price increase. Will they lead to a reversal, or will this be a failed rally, similar to the rest of the bounce attempts since March?
Worldcoin Price Might Have Bottomed
The WLD price has decreased since its all-time high of $11.96 on March 10. The decrease is contained inside a descending parallel channel and led to a low of $1.34 on Aug. 5. This validated the channel’s support trend line and the $1.45 horizontal support area (white icon).
Since then, the WLD price has created a higher low. While it briefly deviated below the $1.45 horizontal area, it reclaimed it shortly afterward, confirming it as support.
During this movement, both the Relative Strength Index (RSI) and MACD generated considerable bullish divergences, which often lead to upward movements. Furthermore, the price action since Aug. 5 resembles a double bottom, which is a bullish pattern.
So, all signs in the daily time frame point to an eventual WLD breakout from the long-term channel, which would confirm the bullish trend reversal.
What Does the Wave Count Say?
The wave count aligns with the daily time frame, predicting an initial relief rally. However, it also suggests the long-term Worldcoin price trend is bearish.
According to the count, the decline since the all-time high is a completed five-wave downward movement (white). When combined with the upward A-B-C structure that started in Sept. 2023, it suggests the long-term trend is bearish.
However, a significant relief rally is likely since the five-wave decrease is over. If this happens, WLD can increase toward the 0.382 Fibonacci retracement resistance level at $5.34. This would be an increase of over 250% measuring from the current price. Worldcoin’s downward movement may resume afterward.
Relief Rally Incoming?
The short-term WLD price readings and wave count both suggest a considerable increase will happen. However, since the long-term count is bearish, this move could simply be a relief rally before the downward trend resumes.
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