The Worldcoin (WLD) price continues to decline
The price of Worldcoin (WLD) has been on a downward trend since July 25, following a corrective pattern. Although there was a bounce on September 5, the price failed to break out of the resistance line of the channel, leading to another decline.
Worldcoin (WLD) hits an all-time low
Since July 24, the WLD price has been falling within a descending parallel channel. Both the resistance and support lines of the channel have been tested multiple times. Recently, on September 7, the price reached the channel’s resistance line but failed to break out, resulting in the current downward movement. On September 11, WLD broke down from the channel’s midline and reached a new all-time low, falling below $1.
Bearish indicators suggest further decline
The six-hour RSI (Relative Strength Index) is bearish, indicating a continuation of the downward trend. The RSI reading is below 50 and falling, signaling a bearish market. Additionally, the RSI broke its ascending support line, indicating the completion of the previous bounce and the start of a new downward movement.
Possible price targets
Based on the channel’s support and resistance lines, the WLD price could potentially decline by another 15% and reach the channel’s support line at $0.87. However, the chances of a price increase seem unlikely at the moment, as the price would need to reclaim the channel’s midline to have a chance of reaching the resistance line and increasing by 21%.
Hot Take: Worldcoin (WLD) faces continued decline
The Worldcoin (WLD) price has been struggling and is currently experiencing a downward trend. The failure to break out of the channel’s resistance line and the bearish indicators suggest that the price may continue to decline. Traders should monitor the support and resistance levels of the channel for potential price targets. However, the current outlook for WLD is not optimistic, and a further decline is expected in the near term.
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