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Is a falling wedge breakout rally in Worldcoin poised to reclaim the $3 mark amidst a broader market recovery?
With a 7-day growth of 26.11%, Worldcoin is making a notable return to the crypto landscape. Currently trading at $2.11, it has reclaimed a market cap of $1 billion.
Despite recently facing fines in South Korea, Worldcoin’s bull run appears to be gearing up for a new breakout. Will this rally push the price to $3?
Worldcoin Breakout Run
The price action of Worldcoin indicates a significant change in underlying dynamics, marked by a rounding-bottom reversal that has led to a trend reversal rally. A falling wedge pattern on the daily chart suggests a bullish reversal from the $1.33 support level, culminating in this breakout rally.
Additionally, the WLD price action shows a double-bottom reversal that has surpassed the neckline at $1.92. With a massive bullish engulfing candle of 16.41% on September 25, the Worldcoin reclaimed the $2 psychological mark.
This recovery includes a price jump from $1.92 and is currently testing the 100-day EMA. The critical daily EMAs—50, 100, and 200-day—are declining as Worldcoin surpasses the 50-day EMA.
Worldcoin Fined For $830,000
The bullish recovery for Worldcoin continues despite the recent fine of 1.1 billion Korean won worth $830K. The South Korean Personal Information Protection Commission penalized Worldcoin and its sister company, Tools for Humanity, for misusing personal data and scanned IRS data.
The $830,000 fine comprises $544,000 for handling sensitive personal data and transferring them to a foreign country. Additionally, $285,133 as a penalty comes to its sister organization, Tools for Humanity. This comes as the failure to oblige data transfer regulations to outside countries.
Will Worldcoin Price Hit $3?
The sudden imposition of the fine led to a minor correction of 3.39% yesterday as Worldcoin pulled back from the 100-day EMA. However, it has rebounded with an intraday gain of 3.74% from the opening price of $2.03, indicating a potential continuation of the bullish trend.
Based on current price action, the upcoming resistance levels for this bull run are likely at $2.36 and $2.95. Conversely, support levels for the WLD token stand at $1.92 and $1.75.