Worldcoin (WLD) has experienced a 5% increase in the past 24 hours, with the price reaching $4.74 before spiking to $5.14 today. Despite this positive movement, WLD remains down by 1% over the past week and 32% in the last 30 days, with a significant drop of 59% from its all-time high of $11.74 on March 10, 2024. Despite these declines, the broader market outlook and technical indicators suggest that Worldcoin could be on the verge of a short-term rally, making it an attractive investment opportunity.
The relative strength index (RSI) for Worldcoin has improved significantly, moving from 25 at the end of April to 60, signaling a positive trend and potential further growth. This upward momentum is further supported by the 30-day moving average approaching the 200-day moving average, indicative of a favorable long-term outlook for the cryptocurrency. While the trading volume for Worldcoin remains relatively low at $284,956,722, this lack of depth makes WLD susceptible to significant price swings, offering potential opportunities for traders.
Worldcoin (WLD) Flirts with Breakout: Bulls Eye $5.9
Worldcoin’s (WLD) technical indicators signal a potential breakout rally, with hammer-like candlestick patterns suggesting a local bottom. The bulls have been actively pushing WLD’s price higher, targeting the resistance around $6.9, a threshold that the coin recently tested before retracing due to selling pressure. The chart indicates that WLD’s price is trading around $5.0 as the bullish momentum remains. another attempt to breach this resistance is likely imminent.
The 20, 50, 100, and 200-period Exponential Moving Averages (EMA) highlight key resistance levels for WLD. The current price at $5.17750556 is above the 20-day EMA, indicating short-term bullish momentum. However, WLD still faces resistance from the longer-term EMAs, particularly the 200-day EMA at $7.80730246, suggesting that further upward movement may face challenges.
The RSI stands at 65.83, indicating that WLD is approaching overbought territory. This could lead to a short-term correction before a sustained breakout. However, the upward trend in the RSI since late April signals positive momentum.
The Moving Average Convergence Divergence (MACD) line is above the signal line, confirming a bullish trend. The MACD histogram also shows positive momentum, supporting the possibility of further gains. Immediate resistance lies at $5.82705830, with subsequent resistance levels around $6. The support is around $4.81247122, aligning with the 100-day EMA, which could act as a safety net in case of a short-term pullback.
Worldcoin’s market activity reflects positive sentiment, with the bulls actively testing key resistance levels. The potential for a breakout above $4.9 could set the stage for a rally toward $5.9 and beyond, provided the bulls maintain their momentum and avoid falling into overbought conditions. The hammer-like candlestick patterns reinforce the bullish outlook, suggesting that WLD has likely found a local bottom and is poised for further upside.
In the short term, Worldcoin is expected to recover in line with the broader market, supported by improving investor sentiment following recent Federal Reserve announcements. The decision to maintain the funds rate and soften quantitative tightening policies has contributed to a rebound in the cryptocurrency market. Worldcoin’s partnerships with PayPal and OpenAI, coupled with its growing adoption in countries like Argentina and Mexico, indicate strong future potential. If Worldcoin can sustain its current momentum and overcome resistance, it could see significant growth in the coming days and weeks.
