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WLD Breaks Resistance, Eyes $2.18: Bullish Momentum Ahead

WLD (Worldcoin) recently broke through a crucial resistance trendline on the daily chart, as highlighted by a tweet from trader Maniac. This breakout suggests that the price could rise to $2.18, where the first major resistance level is located.

Traders should, however, be prepared for potential corrections after reaching this price point. Despite short-term fluctuations, the long-term outlook for WLD remains bullish, offering promising profit opportunities.

Market Analysis: WLD’s Price Action and Trends

A technical analysis of the WLD/TetherUS pair on Binance reveals a downtrend marked by a red trendline on the chart. Previously, WLD peaked near $12 but has since undergone a corrective phase, forming several support and resistance levels. The main support is around $1.35, while key resistance sits close to $3.40.

In recent months, WLD has tested its support level multiple times without breaking down. After hitting a low of $1.50 in June, the coin started showing signs of recovery in September. As of early October, WLD is trading around $2.18, reinforcing a bullish trend.

With this bullish structure in place, the price could move toward the $2.30 resistance level. If the momentum continues, Fibonacci retracement levels indicate potential resistance at $3.40 and even $6.00.

Technical Indicators Show Bullish Signs

As of October 8, 2024, the four-hour chart shows WLD trading at 1.957 USDT, a slight dip of 1.11%. The highest and lowest prices during this period were 1.988 and 1.950 USDT, respectively, with a trading volume of 502,922.

The 50-period exponential moving average (EMA) is currently at 1.857 USDT, with the price staying above it, indicating an upward trend. The Relative Strength Index (RSI) is 62.68, suggesting that WLD is approaching overbought conditions. However, the RSI’s position above 50 still points to ongoing bullish momentum.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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