Worldcoin (WLD) is moving in a downward direction as the general trend in the crypto market has turned slightly bearish. According to CoinMarketCap, the ENA price has declined by 4.28% over the last 24 hours and 18.92% over the last week.
At the time of writing, WLD is trading at $0.2585 with a trading volume of $125.54 million, which has declined by 11.27% over the last 24 hours. However, its market capitalization stands at $852.12 million, which is also down by 4.22%.
Source: CoinMarketCap
Also Read: Worldcoin (WLD) Falling Wedge Pattern Signals Potential Breakout to $1.80
WLD Support Defense Sparks Bullish Hopes to $0.85
Furthermore, the crypto analyst Jonathan Carter highlighted that WLD is currently testing a key midline support within its descending daily channel, where price action is showing early signs of stabilization.
Sellers appear to be losing momentum as support continues to hold, while bullish pressure slowly builds. This area is becoming critical for determining whether a reversal or further decline develops.
Source: Jonathan Carter’s X Post
In case of support, Worldcoin will try to recover towards higher resistance areas, where the potential for a price rise is seen till the $0.33, $0.44, $0.66, and $0.85 levels.
However, a successful bounce would indicate a change in momentum, but it will have to clear the channel to confirm a bearish-to-bullish transition.
Technical Indicators Point to Strong Bearish Pressure
According to TradingView, WLD exhibits a bearish movement since the price is trading at $0.25848, ranging between the middle line and the lower Bollinger band.
The position indicates that there is high volatility and poor momentum. Being below the 20-period simple moving average means that selling pressure is dominant, leaving the security exposed to downward movement.
Source: TradingView
In addition, the MACD line further confirms the negative bias since both lines are below the zero level. Red histogram bars are getting deeper, indicating increasing downward momentum.
Sellers have taken full control of market sentiment. To shift the trend to positive bias, price should decisively move back above the mid-Bollinger band level.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Worldcoin (WLD) Faces Critical $0.30 Test Amid Rising Bullish Signals
