- Worldcoin’s price has recently turned bearish, with a decline of more than 5% in the last 24 hours.
- Despite the current bearish trend, technical indicators suggest a potential price uptick in the near future.
- Analysts believe that the current price trend is due to WLD retesting its support, hinting at a potential bull pattern.
Worldcoin (WLD) experiences a price drop, but technical indicators hint at a potential price uptick in the near future. The current bearish trend might be short-lived as WLD retests its support, suggesting a potential bull pattern.
Worldcoin’s Bearish Trend
In the last week, Worldcoin’s price has dropped by over 4%, with a significant decline of more than 5.5% in the last 24 hours. The token is currently trading at $5.55 with a market capitalization of over $1.17 billion. This bearish price action has negatively impacted the token’s market sentiment, with positive sentiment around the token dropping last week. However, this bearish trend might not last long as WLD is currently retesting its support.
Potential Bull Pattern
A popular crypto analyst, World Of Charts, recently highlighted that WLD broke out of a bull pattern a few days ago. The current price trend might be because WLD was retesting its support. If the token manages to successfully test the support, then its value might soon shoot up to $18 in the coming weeks.
Possibility of a Trend Reversal
Worldcoin’s trading volume has declined throughout the last week, suggesting that the bearish trend might be short-lived. However, other metrics such as the MVRV ratio and network growth remain bearish. Despite this, the token’s Chaikin Money Flow (CMF) and Money Flow Index’s (MFI) are showing an increasing trend, hinting at a potential trend reversal.
Conclusion
While Worldcoin’s price has recently turned bearish, technical indicators suggest a potential price uptick in the near future. The current bearish trend might be short-lived as WLD retests its support, suggesting a potential bull pattern. However, it’s crucial for WLD to test its 20-day Exponential Moving Average (EMA) support in order to begin a bull rally.
