Worldcoin, the ambitious cryptocurrency project backed by Sam Altman, is showing promising signs of a rally. A confluence of bullish indicators, including the imminent formation of a golden cross, suggests that WLD is poised for a significant upward move.
Technical Analysis Points to a Bullish Outlook
On the 4-hour chart, Worldcoin has been trading within a symmetrical triangle, a bullish pattern that often indicates a potential breakout. The recent rebound off the channel’s support zone and the increasing number of long positions being opened suggest that buying pressure is on the rise.
If WLD can successfully break through the resistance of the symmetrical triangle, its first target is $2.650. A continued bullish push could propel the price further to its long-term target of $3.260. However, if the resistance holds, WLD may experience a short-term pullback before attempting another breakout.
Read more:Worldcoin: Rebranded and Decentralized, or Just Smoke and Mirrors?
Market Sentiment Supports the Bullish Outlook
The growing number of long positions being opened on Worldcoin indicates a shift in market sentiment. Previously bearish traders are now turning bullish, suggesting that the market is becoming more optimistic about WLD’s prospects.
Additionally, the positive Funding Rate, which currently stands at 0.0109%, signals growing demand for long trades. This is a bullish indicator that suggests a potential rally is on the horizon.
Golden Cross Formation Looms
A golden cross, a technical indicator that signals a potential bullish trend reversal, is forming on Worldcoin’s chart. This pattern occurs when the 50-day moving average crosses above the 200-day moving average.
If the golden cross completes, it could provide a strong boost to Worldcoin’s price. The weakening bearish momentum and the positive Funding Rate further support the potential for a bullish breakout.
Read more:Worldcoin is Now ‘World’: Sam Altman’s Bold Rebrand to Take Over 2 Billion Users!
Conclusion
Worldcoin’s bullish setup, coupled with the imminent formation of a golden cross, suggests that a significant rally may be in the cards. However, it’s important to remember that the cryptocurrency market is highly volatile, and past performance is not indicative of future results. Traders should exercise caution and conduct thorough research before making any investment decisions.
