fxstreet.com
- Worldcoin price correction is likely a blessing in disguise for late bulls as bullish sentiment remains intact.
- WLD could bounce at $5.30, kickstarting a good reversal after a 43% correction.
- A break and close below the $4.00 psychological level would invalidate the bullish thesis.
Worldcoin (WLD) price has recorded a steady series of lower highs on the weekly timeframe, although not enough to negate the predominant trend, which is still bullish. With the broader market still clinging to positive sentiment, the AI crypto coin’s upward potential remains viable.
Worldcoin price coils up for healthy correction
Worldcoin price suffered a rejection from the $10.00 psychological level, with three lower highs to show for it. However, the primary trend (weekly timeframe) remains bullish with multiple technical indicators suggesting prevailing bullish sentiment.
For starters, the weekly Relative Strength Index (RSI) remains in bullish territory above the ‘50’ mean level, accentuated by the position of both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in positive territory. Moreover, the MACD remains well above its signal line, reinforcing the bullish supposition.
The longer-term outlook for the Worldcoin price would be a revisit of the $5.30 support before a possible reversal north. With the bulls in play, this bounce could facilitate a flight of WLD price past the $7.00 threshold to confront the $8.56 blockade.
A breakdown of this roadblock would open the expanse for more gains, with the Worldcoin price likely to reclaim its $11.97 peak and potentially set a new all-time high above $12.00.
Notice that the Parabolic Stop and Reverse (SAR) indicator is trailing the WLD price below $4.80. As long as this price-tracking indicator follows an asset’s price from underneath, the odds will favor the upside.
WLD/USDT 1-week chart
On the other hand, if the bears recover the market, the WLD price could decline below $5.30, and the $4.00 psychological level could be tested. A weekly candlestick close below this threshold would invalidate the bullish thesis.