Worldcoin (WLD) Price Ready for Double-Digit Rally as Key Support Holds, But There’s a Catch
The price of Worldcoin (WLD) has been bouncing off trendline support in a rally that started in September. Since then, the price has been forming a higher high and higher low pattern, which is typical of a bullish trend.
The price bounced off this trendline again in November, triggering a rally of around 150% by the beginning of December. Following this, WLD’s price saw a decline, with the price finding support at the trend line once again.
Since this support held, WLD has shown some bullish momentum and has risen so far by around 20%. If this pattern continues, we could see WLD’s price form a higher high again, which could prepare the price to rise by at least 70%.
Based on the trend line pattern, the direction for Worldcoin is currently upward, and this pattern could continue for the next few days. However, one would need to look at some other indicators to time potential resistance and support areas in this bullish journey.
What you'll learn 👉
Short- and Mid-Term Moving Averages Show Mixed Signals for WLD Price
The 50-day simple moving average (SMA) is currently above the price and could serve as resistance to further growth if the bulls encounter it at that point.
However, the price has broken through the 100-day SMA, and it has even tested it as new support, which could help the price continue to rise.
Looking at the short-term 50-day SMA and the medium-term 100-day SMA, one would see mixed signals. Thus, breaking above the 50-day SMA could be crucial for further price growth. The support at the 100-day SMA could also help hold prices up during temporary turbulence.
Read Also: Top Analyst Reveals Key Events That Could Propel Ripple (XRP) Price by 10x
RSI Supports WLD Bullish Move But Another Potential Resistance Remains
The relative strength index is at a neutral reading of 50 at the time of writing. This reading supports the possibility of further price spikes before it enters into an overbought position.
As the price continues to grow, one area also seems to be a potential level of turbulence, which is the $3.1 to $3.2 range. This area was an area of struggle in the past and it is likely history repeats. Breaking above this level would see WLD continue its upward pattern.
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