Worldcoin (WLD) Price Poised for Recovery, Analyst Predicts
The price of Worldcoin (WLD) has seen a significant bearish trend over the past week, dropping by 11% and losing support at $2.80. Despite this decline, crypto analysts believe that selling pressure may be decreasing, potentially setting the stage for a rebound in WLD’s price. This recent dip aligns with a 30-day trend, reflecting a 46% decline from the monthly high of $5.
Road to Bullish Recovery
In the last 24 hours, WLD experienced bearish momentum, fluctuating between an intra-day high and low of $2.77 and $2.58. However, analysts are predicting a potential rebound, with Crypto analyst Ali Charts forecasting a recovery above the $3 resistance on Saturday. The 3-day price chart for WLD displayed a TD sequential and a buy signal, indicating a potential bullish reversal.
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Despite these predictions, WLD was still bearish at the time of writing, with the price at $2.59, reflecting a 3.76% decline from the intra-day high. The market capitalization and 24-hour trading volume for WLD also saw declines, indicating decreasing investor interest amid the price dip.
Impacts of the Partnership
The recent partnership between Worldcoin and Alchemy to introduce the World Chain, along with the launch of World ID orb verifications in Europe, is expected to impact WLD’s market trend positively. Additionally, developments in AI technology, particularly Nvidia’s rise in the market, may also have a positive influence on cryptocurrencies like Worldcoin.
Technical indicators on the WLDUSD price chart point to increased bearish pressure, with the Moving Average Convergence Divergence (MACD) motion in the negative region. However, the histogram in the positive region suggests diminishing bearish power. The Relative Strength Index (RSI) rating of 24.59 indicates that the market is oversold, potentially signalling a bullish recovery as buying pressure increases.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
