• 30 May, 2024
Market News Markets

Worldcoin’s Price Soars 20% Following Falling Wedge Breakout

Worldcoin (WLD) has recently demonstrated significant trading momentum, suggesting a bullish breakout could be imminent. Over the last few months, the WLD/USDT trading pair has shown promising activity that indicates potential gains.

Since late January 2024, WLD’s price trajectory has been depicting a remarkable increase. After February, the token saw a stabilizing consolidation phase and a subsequent downward trend. Nonetheless, the latest chart developments hint at a trend reversal.

According to Captain Faibik, a crypto analyst, a key descending trendline that previously acted as a barrier to WLD’s price has been breached. The current chart formation displays candles breaking above this line, potentially marking a change in market dynamics from negative to positive.

This breakout suggests that WLD may be setting up for further appreciation, with projected target prices between $9 and $11. This forecast is considerably higher than its present valuation of approximately $5.74, pointing to a promising investment horizon.

The latest analysis shows that WLD has effectively navigated out of a falling price channel, marking an important pivot in its market behavior. This breakout is visually emphasized on the chart by an upward arrow, forecasting a possible continuation of price growth.

The chart is shaded in green in areas representing future price objectives, predicting an increase to around $5.40 to $5.45. This is a noteworthy rise from the recent price of about $4.94. For market participants, this development signals a compelling buying opportunity should the price maintain its stance above the newly established support level.

The charts suggest that Woldcoin may have the momentum to sustain its upward trajectory following its breakout from long-standing resistance points. With the market sentiment leaning towards optimism, Worldcoin appears positioned for further gains, underscoring a robust outlook for this cryptocurrency.

Worldcoin price has seen a significant surge, with its value rallying above $6.00. Over the past day, the cryptocurrency experienced a remarkable 20.34% increase, reaching $6.39. This uptick has pushed Worldcoin’s market capitalization to approximately $1.3 billion, positioning it at the 70th rank in market size. Trading activity also soared, with transaction volumes spiking by over 106%, totaling around $511 million.

WLD/USD daily price chart: TradingView

The daily technical indicators for Worldcoin show a positive uptrend on the charts. The Relative Strength Index (RSI) is currently at 61.64, indicating a strong buying momentum, although it is approaching the overbought territory. The Moving Average Convergence Divergence (MACD) echoes this sentiment, as it shows a bullish crossover with both the MACD line and the signal line trending upwards. 

Decade-Dormant Bitcoin Wallet Awakens, Moves $43.94 Million Worth of Bitcoin Read Previous

Decade-Dormant Bitcoin Wallet Awakens, Moves $43.94 Million Worth of Bitcoin

Cardano Foundation and Dubai Blockchain Center Welcome Collaborative Partnership Read Next

Cardano Foundation and Dubai Blockchain Center Welcome Collaborative Partnership