Price Analysis

Worldcoin Hints Bearish Action! WLD Price To Retest $4 This Week?

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The cryptocurrency industry has displayed a negative trend this weekend with top altcoins recording correction in their respective portfolios. Moreover, the Artificial Intelligence (AI) category continues trading under a strong bearish influence, indicating the rising disinterest of investors in it.

Furthermore, the Worldcoin price has lost 1.13% within the past day and approximately 5% over the past week, indicating an increase in the bearish price action for the WLD token in the crypto space.

WLD Token On The Verge Of Testing A Major Breakout:

After trading under a bearish influence for the first month, the Worldcoin price gained momentum and recorded a new all-time high of $11.820 on 10th March by surging 448.74% in valuation. However, shortly after this, the bulls lost momentum and lost 64.38% within the next 30 days.

TradingView: WLD/USDT

Since then, the Worldcoin token has been trading in a closed range between $4.210 and $6.025, highlighting a weak price action for the altcoin in the crypto market. Positively, WLD price has recorded a 24-hour trading volume of $327.68 Million, a jump of 15.01% within the past day while recording a minor correction of approximately 1% in its valuation.

Worldcoin Market Sentiments:

The Simple Moving Average (SMA) displays a high possibility of a bearish convergence in the 1D time frame, indicating a high possibility of a negative price action in the coming time.

On the other hand, the technical indicator, MACD, shows a constant decline in the green histogram, indicating an increase in the selling pressure within the crypto space. However, the averages display a neutral trend, suggesting uncertainty in future price action.

Will WLD Coin Price Increase?

If the market pushes the Worldcoin price above its resistance level of $6.025, the market bulls will regain momentum, resulting in this altcoin testing its upper resistance level of $7.650. If the industry trades under a bullish sentiment, the WLD token will prepare to test its upper level of $9.160 this month.

Conversely, if the bulls fail to break out of their important resistance level, the WLD coin price will continue trading under a bearish influence and plunge toward its crucial support level of $4.210.

Also Check Out : Top 3 Altcoins To Turn $1 to $10 By End of May  

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