Worldcoin (WDC) Potential Surge: Can it Leap from $5.55 to $18?

  • 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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Dixon, Kaynes Tech, Syrma SGS (SYRMA): High Growth Potential Amidst Rich Valuations – Investor Insights

The electronics manufacturing services (EMS) sector may...

Bitcoin (BTC) Confronts Market Downturn: Key Challenges and Future Outlook

Recent shifts in the cryptocurrency market have...

Bitwise Executive Reveals Insider Knowledge on Ethereum (ETH) Spot ETF Approval

Ethereum Spot ETFs have recently become a...

Nansen Reveals DBS Bank’s Hidden Ethereum (ETH) Holdings in Blockchain Analysis

DBS Bank, Singapore’s largest bank, has been...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Nansen Reveals DBS Bank’s Hidden Ethereum (ETH) Holdings in Blockchain Analysis

DBS Bank, Singapore’s largest bank, has been...

Crypto Markets Plunge Up to 5% Awaiting U.S. Data: Key Altcoins Affected – BTC, ETH, ADA Analysis

The cryptocurrency markets are eagerly awaiting the...

FTSE 100 Index Analysis: Key Insights for May 30, 2024 – Market Trends and Projections

Cryptocurrency markets have been experiencing...

AI Predicts 2024 End-of-Year Surge for XRP and SHIB Coins: Expert Analysis Inside!

The crypto markets have been a rollercoaster...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin (BTC) Confronts Market Downturn: Key Challenges and Future Outlook

Recent shifts in the cryptocurrency market have led to a downturn impacting Bitcoin and multiple altcoins. Despite these changes, numerous analysts...

Bitcoin (BTC) Startup Babylon Secures $70M to Enable BTC Staking on Ethereum (ETH) and Solana (SOL)

Bitcoin's potential as a staking resource is gaining traction in the crypto community. Babylon, a crypto startup, has secured $70 million...

Bitwise Executive Reveals Insider Knowledge on Ethereum (ETH) Spot ETF Approval

Ethereum Spot ETFs have recently become a hot topic in the crypto community. Market participants were surprised by the SEC's approval...