Analysts Warn Against Selling WorldCoin’s Token, Anticipate WLD Price Breakout – But Here’s the Catch
Crypto analyst LunarOX has warned against shorting WorldCoin’s WLD token. His post highlights the billions of trading volumes on WLD futures contracts, all of which are short positions.
According to the post, a market maker would need higher trading volumes to sell all the recently unlocked WLD tokens. Therefore, the analyst suggests the price is likely to rise, and many people taking short positions will likely face liquidation.
These traders may be forced to buy back the asset at higher prices, which could push the price of WLD further up.
WLD Price Breakout Is Based on One Condition
Top analyst Crypto Busy identified a falling wedge pattern for WLD. His technical analysis points to a critical price support.
Read Also: AAVE and Monero (XMR) Prices Pumping – Here’s Why
This support previously served as resistance, with the price of WLD bouncing off it a couple of times. Now that the price is there again, there is a high likelihood it will hold the price.
A bounce from the support could trigger a major price rally and a breakout from the falling wedge.
However, the analyst is also open to the possibility of a break below the support. He mentioned the potential for the price to reach further lows if there is a break below the support. In essence, the support needs to hold for a short-term price breakout.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
