The Worldcoin (WLD) Price: A Corrective Pattern and Potential Breakout
Since its launch on July 25, the Worldcoin (WLD) price has experienced a decrease in a corrective pattern. This downward movement reached a low of $1.02 on September 5.
However, starting from September 5, the price initiated a bounce and has since increased by approximately 25%. This upward movement indicates the possibility of a future breakout.
Bouncing at $1: Worldcoin Price Analysis
Following its listing on July 24, the WLD price has been on a downtrend. This trend has been confined within a descending parallel channel. Such channels typically contain corrective movements, suggesting that a breakout from the channel is the most probable future price scenario.
On September 5, the price reached an all-time low of $1.02 but quickly rebounded. This bounce may have been triggered by the news of Worldcoin’s enrollment of 10,000 Argentinians within 24 hours. Currently, the price is trading in the upper portion of the channel, further increasing the likelihood of a breakout.
Confirmation of a breakout possibility comes from the six-hour RSI, a momentum indicator used by traders to assess market conditions. When the RSI reading is above 50 and trending upward, bulls hold an advantage. Conversely, if the reading is below 50, bears dominate. The RSI is currently above 50 and rising, indicating a bullish trend.
In the event of a breakout, the WLD price could potentially rise by 65% and reach the horizontal resistance area at $2.10.
However, if the rally loses momentum, WLD may decline to the support line of the long-term channel, currently positioned at $0.75. This would result in a 40% drop and establish a new all-time low price.
Closing Thoughts: A Hot Take on Worldcoin’s Future
The Worldcoin (WLD) price has experienced a corrective pattern but recently showed signs of a potential breakout. The bounce from $1 and its current position in the upper portion of the descending channel indicate the possibility of an upward price movement. Additionally, the bullish trend suggested by the increasing RSI further supports this potential breakout.
However, it’s crucial to note that if the rally loses steam, a significant drop to the long-term channel’s support line is possible, leading to a new all-time low price. Traders and investors should closely monitor the price movement and take these factors into consideration when making decisions.
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