Worldcoin (WLD) is once again drawing attention from traders after analysts identified several technical levels that could shape the token’s next major move.
While the cryptocurrency continues to trade near historical lows, some market observers believe the long bear market may be nearing an important turning point.
According to Analyst VERTIX, most investors are focusing on the current price of WLD, while the overall perspective provided by the weekly chart is being ignored. He says that there are three major areas of resistance to consider above the token price level for an eventual recovery trend.
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Three Resistance Levels Stand Between WLD and a Full Recovery
The initial major obstacle lies close to the level of $2.21, which implies an increase in price of about 495% from the present price level. If the price reclaim this level, then its subsequent target will be at $4.14, where the price previously found a major support and resistance.
The ultimate target remains around $11.95, close to the previous peak of Worldcoin above $11. A rise up to that target requires an additional 188% increase from the secondary resistance point and would mark a complete reversal of fortune in this prolonged bear market for the token.
Over 90% of the value of WLD from its all-time high has been wiped out – one of the biggest falls for any major crypto project.
Worldcoin Daily Chart Shows Buyers Defending Key Support
A second opinion from trader Krillin also says that WLD is still bullish as long as it maintains its position above the 100-day moving average on the daily time frame.
According to the daily time frame, there was recent heavy selling at the $0.65 to $0.68 price level, which had previously been a support level but now acts as resistance due to the heavy selling.
Following the correction, WLD has returned to a significant demand zone ranging from $0.33-$0.36. The range is in harmony with the 200-day simple moving average, which becomes a crucial support level.
Trading volumes have dropped significantly since the volatility experienced in June. Volume decreases typically mean that traders are waiting for a strong breakout.
Market Structure Remains at a Crossroads
As of now, Worldcoin is currently in a consolidation phase between its support floor and resistance ceiling. Holding above $0.33 will allow for the continuation of another rally and a re-test at the $0.65-$0.68 region, but failing that, support will see the price fall back down towards the previous low of around $0.23 and stall the recovery process. For now, the next major move by WLD will come after breaking out from these levels.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
