beincrypto.com
Worldcoin’s (WLD) price is in the middle of validating a bullish reversal pattern, but the broader market cues are causing a delay.
Nevertheless, with the support of its investors, the cryptocurrency could continue its rally, provided it stays above key support.
Worldcoin Investors Remain Optimistic
Worldcoin’s price witnessed correction over the past few days, resulting from the market cooling down. The altcoin was in the midst of noting a bullish reversal rally and will likely continue that in the future.
This is because, despite the correction, WLD holders remained bullish in their behavior. Whale addresses, in particular, not only continued accumulation but even accelerated their pace. In the span of a week, addresses holding between 100,000 and 1 million WLD added more than 2 million WLD.
This $11.6 million purchase is a signal that investors are gearing up for further increases in price.
Secondly, participation among retail and whale investors has also witnessed a considerable increase. An increase in the transactions being conducted on-chain, along with the rise in price, is considered a buy signal.
Read More: How to Buy Worldcoin (WLD) and Everything You Need to Know
Should this lead to a surge in accumulation among retail investors, Worldcoin’s price would rise as well.
WLD Price Prediction: 22% Rise Could Be Completed Soon
Worldcoin’s price, at the time of writing, is trading at $5.8 after breaching through the neckline of the double-bottom pattern it is in.
A double bottom pattern forms when a security’s price reaches a low, bounces, revisits the same low, and then bounces again, indicating a potential trend reversal from bearish to bullish.
Given the aforementioned factors hint at continued bullishness, the 22% rally target set by the pattern could be completed. Despite the correction, WLD will likely bounce back from the neckline support at $5.6 to chart a rise to $6.8.
Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030
However, if the support of $5.6 is lost, the altcoin could end up falling to $5.0. Should Worldcoin’s price fall through the latter support, the bullish thesis would be invalidated, resulting in a dip to $4.3.