Worldcoin (WLD) is gaining significant attention as it prepares for a potential breakout that could push its price to $3.50. With a strong bullish trend taking shape, Worldcoin has already witnessed a remarkable rise of 62% over the past 30 days, reflecting its positive growth momentum. However, recent fluctuations have seen the WLD token dip slightly, trading at $2.33 after an 8.20% drop over the last 24 hours. Despite this, Worldcoin’s 25.46% increase over the past week signals that the coin is on the verge of a notable recovery rally. But the question remains: can Worldcoin surpass the $3 mark and sustain its upward trajectory?
Worldcoin’s Bullish Price Action
Worldcoin has been making waves on the charts, particularly with its breakout from a falling wedge pattern. A falling wedge is a bullish chart pattern that often signals a reversal of the downward trend, and in the case of Worldcoin, it has done exactly that. The coin experienced a bullish reversal from a 40-day low of $1.28, climbing steadily to its current price of $2.33, representing an impressive 81% increase.
The rally has been characterized by strong bullish momentum, manifesting in a rising channel pattern. This pattern saw three consecutive bullish engulfing candles between October 11 and October 14, pushing the price by 43%, from $1.68 to $2.42. Despite this surge, Worldcoin encountered resistance at the 200-day Exponential Moving Average (EMA), which currently stands at $2.70.
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This resistance led to a slight pullback, marked by the appearance of a bearish doji candle—a signal of market indecision or bullish exhaustion. As a result, the WLD token experienced an intraday pullback of 2.66%, forming an evening star pattern, which typically signals a bearish reversal. However, this pullback is being viewed as a healthy correction rather than a reversal, as it tests the broken resistance trendline, offering the potential for a strong post-retest rally.
Technical Indicators Point to a Strong Rally
The technical indicators are in favor of a continued uptrend for Worldcoin. One of the key indicators supporting the bullish outlook is the 50-day EMA, which is beginning to take a positive turn. This uptick is a clear signal of improving market sentiment for the WLD token. Additionally, the MACD (Moving Average Convergence Divergence) and signal lines are showing a positive alignment, further strengthening the case for a bullish continuation.
Worldcoin is approaching two significant resistance levels. The first is the 200-day EMA at $2.70, a critical technical barrier that could pave the way for further gains if surpassed. The second is the $2.95 resistance level. Breaking through these key levels could set the stage for a rapid ascent to $3.50, particularly if the broader market conditions remain favorable.
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Will Worldcoin Break $3 and Beyond?
For Worldcoin to break through the $3 mark and head toward $3.50, it will need sustained bullish momentum. The positive technical indicators, including the rising 50-day EMA and the bullish signals from the MACD, suggest that such a move is within reach. The broader market recovery could provide the necessary tailwind for WLD to push past its current resistances.
However, it’s essential to recognize the downside risks. Worldcoin has key support levels at $2.11 and $1.85, which could come into play if the current rally loses steam or if bearish sentiment overtakes the market. These support levels are critical in preventing a steeper decline and maintaining the coin’s overall bullish trajectory.
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The Road Ahead for Worldcoin
Worldcoin’s breakout potential has garnered attention from traders and investors alike, especially with its solid technical setup. The coin’s growth over the past month and the formation of bullish patterns have created an optimistic outlook. If the WLD token manages to surpass its immediate resistances at the 200-day EMA and $2.95, a push to $3.50 is a realistic target, potentially even higher.
On the other hand, the coin’s ability to hold above its crucial support levels will determine whether this rally continues or if a deeper correction is on the horizon. As Worldcoin continues to consolidate its position in the market, traders will be watching closely for the next big move.
In conclusion, Worldcoin (WLD) is at a pivotal moment, with the potential for significant gains if the bullish trend continues. Whether the token reaches $3.50 will depend on its ability to break through critical resistance levels and maintain strong market sentiment. As the market recovers and momentum builds, Worldcoin’s future looks promising, making it a coin to watch in the coming weeks.
