Worldcoin (WLD) price action is under considerable near-term downward pressure, owing to increased selling driven by the recent downtrend. Despite the current bearish tone, the coin is slowly but surely approaching a key buying zone, from which a reversal or rally could potentially emerge.
At the time of writing, WLD is trading at $0.4165, with a 24-hour trading volume of $2.34 billion and a market capitalization of $1.38 billion. The token has fallen 23.17% in the last 24 hours, showing sharp volatility as short-term selling intensifies across the market.
Source: CoinMarketCap
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Worldcoin Price Stabilizes After Drop
Crypto analyst, Alpha Crypto Signal, highlighted that the Worldcoin price is gradually getting near an important demand area where buyers can possibly try taking control of the market again. Early responses have reportedly started to emerge around this point, with the price seemingly starting to stabilize after the previous fall.
Source: Alpha Crypto Signal’s X Post
A possible formation of base at this level, in case of continued buildup of buying interest, will allow the market to enter into the recovery phase instead of continuing with the breakdown process. A breakout above this level will indicate further strength in the Worldcoin price movement.
However, the inability to sustain the zone can keep downward pressure on the price of the coin, which can cause further volatility in its price movement.
Worldcoin Pulls Back After Upper Band Rejection
From a technical standpoint, the Worldcoin price had been rejected following an attempt to break through the top Bollinger Band at $0.53937, causing it to sharply fall back to $0.40877. Despite the decline, the Worldcoin price is still trading above the middle Bollinger Band at $0.35020, indicating that its overall trend pattern is still valid for the time being.
Source: TradingView
The momentum indicators have also come up with a similar kind of positive outlook for the Worldcoin price. This is because MACD is still trading in the positive zone, where the MACD line is at 0.05587 while the signal line is at 0.03990.
While the histogram reading may have declined slightly to 0.01597, it suggests that there is still some buying interest left in the market.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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