Will Worldcoinโs Price Lose $6 Support?
The formation of a bullish flag pattern suggests that buyers may experience a minor pullback before a strong upward rally. Amidst the current market correction trend, Worldcoin (WLD) saw an immediate reversal from its high of $11.97. In just two weeks, the price tumbled by 31% and is currently trading at $8.25, with the market cap plunging to $1.28 billion. With Bitcoinโs price yet to show a sustainable rebound, altcoins like WLD are at risk of further downfall.
Analyzing the Daily Chart
When analyzing the daily chart, it is evident that the price of WLD is moving within two parallel trendlines, resembling the formation of a channel or flag pattern. While the prevailing trend was strong and bullish, this pattern indicates a minor correction that allows buyers to regain strength.
Adding to the bullish sentiment, Worldcoin has announced the implementation of a new feature called Personal Custody, which marks a significant step in its user data security protocols.
This innovative approach consists of four distinct components:
- A dedicated device
- The proprietary orb
- A specialized data package that includes images
- A temporary backend storage solution for transit purposes
The impact of this new feature on Worldcoinโs price will depend on market reception and the perceived value of robust security measures within the cryptocurrency community. Currently, Worldcoin is trading at $8.25 with an intraday gain of $1.2 and aims to challenge the upper trendline of the flag pattern.
If there is an upside breakout, it will signal the resumption of the prevailing bullish trend and provide buyers with strong support to push the price higher. The post-breakout rally could potentially reach targets of $10.84, $12, and $13.6.
On the contrary, if the chart pattern remains intact, the price of WLD may continue its correction trend towards lower levels.
Technical Indicator
- Exponential Moving Average (EMA): The 50-day EMA could serve as suitable pullback support for buyers to sustain bullish trends.
- Vortex Indicator: A flattish movement between the VI+ (blue) and VI- (pink) slopes indicates increasing volatility and uncertainty in this asset.
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Hot Take: Worldcoinโs Future Amidst Market Correction
As the market experiences a correction phase, it is crucial to keep an eye on Worldcoinโs price movements and its ability to maintain key support levels. Here are some key takeaways:
1. Potential Pullback
The formation of a bullish flag pattern suggests that a minor pullback is expected before a strong upward rally. This provides an opportunity for buyers to regain strength and potentially push the price higher.
2. Personal Custody Feature
The implementation of the Personal Custody feature by Worldcoin highlights its commitment to user data security. This could positively impact the market perception of Worldcoin and contribute to its future growth.
3. Technical Indicators
The 50-day EMA could act as a support level for buyers, while the Vortex Indicator reflects increasing volatility and uncertainty in the asset. These indicators should be closely monitored for potential price movements.
Overall, while the market correction poses risks for altcoins like Worldcoin, there are also opportunities for buyers to enter at lower price levels. The implementation of new features and the ability to maintain key support levels will play a crucial role in determining Worldcoinโs future performance.
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