- Worldcoin price is consolidating in a ranging pattern between $4.3 and $6.2 key levels.
- Metrics indicate bullish momentum and profit potential for holders.
- “A breakout above the $6.2 level could steer a new uptrend,” analysts suggest.
Discover the latest trends in Worldcoin’s price movements and potential breakout scenarios.
Worldcoin Price Consolidation and Potential Breakout
Worldcoin (WLD) has been consolidating within a range of $4.3 to $6.2 for the past two months. The $4.3 support level has been tested multiple times, indicating strong buying interest. Conversely, the $6.2 resistance level has also been tested thrice, showing a significant level of interest. Currently, WLD is in a bullish run aiming for a target price at the $6.2 resistance level.
Key Metrics Indicating Bullish Momentum
Metrics suggest a bullish momentum for Worldcoin. A breakout above the $6.2 level could initiate a new uptrend. However, if bearish pressure breaks the $4.3 support, a head and shoulder pattern could form, signaling a further dip in price to retest the existing ascending trendline support just below the $4.3 level. As of this writing, according to CoinMarketCap, Worldcoin was priced at $4.83, indicating a 0.01% increase in the last 24 hours and a 1.28% decrease in the past seven days. The market cap stands at $1.1 billion, with a 24-hour trading volume of $507.61 million, indicating a 50.52% increase.
Profit Potential for Worldcoin Holders
According to AMBCrypto’s analysis of the Global In/Out of the Money Indicator from IntoTheBlock, 2.98 million WLD are on the verge of taking profits. The supply worth 241.38 million was bought between the $4.87 and $4.88 supply zone. Given that the current price stands at $4.84, the profit moment for holders is nearing. Further analysis of Santiment’s data on WLD’s supply on exchanges and social volume from November 2023 to May 2024 shows several spikes in social volume, indicating strong market interest. The supply on exchanges has been steadily decreasing, affirming a bullish sentiment as investors move their WLD off exchanges. This aligns with Worldcoin’s current bullish run to $6.2.
Technical Indicators and Market Sentiment
According to TradingView indicators, the current WLD price is positioned between the lower and middle Bollinger Bands, indicating less volatility and a recovery from an oversold condition. If the price surges higher, it could indicate a bullish trend. The Chaikin Money Flow (CMF) is at -0.01, suggesting that traders are indecisive and waiting to observe the market’s direction.
Conclusion
Worldcoin is currently in a consolidation phase, with key levels at $4.3 and $6.2. Metrics indicate a potential bullish breakout, but traders should be cautious of a possible head and shoulder pattern if the $4.3 support is breached. With strong buying interest and decreasing supply on exchanges, the outlook for Worldcoin appears promising. Investors should keep an eye on the $6.2 resistance level for a potential breakout and subsequent uptrend.
