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- $WLD breaks a key resistance level at $2.1800, signaling potential upward momentum for traders to watch closely.
- Despite minor dips, $WLD’s recovery hints at a bullish trend, with significant resistance levels ahead at $2.30 and $3.40.
- The RSI at 62.68 suggests $WLD might be nearing overbought conditions, making it crucial for traders to monitor price movements.
In a recent tweet, Maniac noted that $WLD has successfully broken through a key resistance trend line on the daily chart. This breakout targets a price of $2.1800, where the first resistance level is situated. Traders should expect potential corrections after reaching this level. However, the long-term outlook for $WLD remains optimistic, suggesting high profit potential.
#WLDUSDT In this daily time frame, $WLD has broken and crossed the key resistance trend line
— Maniac (@0xManiac_Man) October 8, 2024
With this break, it has targeted 2.1800, where the first resistance is located. A correction is possible after reaching this level, but in the long term, $WLD has the potential to achieve… pic.twitter.com/KdVoHDufur
Current Market Analysis
The technical analysis of the $WLD/TetherUS trading pair on Binance reveals price movements and patterns. The chart illustrates a downtrend, highlighted by a red trend line. Previously, $WLD peaked near $12 before entering a corrective phase.
This correction established multiple support and resistance levels, depicted with horizontal lines on the chart. Notably, the key support level is around $1.35, while the primary resistance appears close to $3.40.
Recent price action shows that $WLD tested the support level several times without a decisive breakdown. In June, the market reached a low of about $1.50 but displayed signs of recovery in September. As of early October, $WLD trades around $2.18, indicating a bullish structure.
Consequently, upward movement toward the $2.30 resistance level seems plausible. Additionally, Fibonacci retracement levels suggest possible resistance at $3.40 and $6.00 if the bullish momentum continues.
Technical Indicators
According to the four-hour chart dated October 8, 2024, $WLD is currently priced at 1.957 $USDT, reflecting a slight decrease of 1.11%. The highest price observed in this period was 1.988 $USDT, while the lowest was 1.950 $USDT. The trading volume for $WLD stands at 502,922.
Source: CryptoRank
Moreover, the 50-period exponential moving average (EMA) is plotted at 1.857 $USDT. This EMA serves as a trend indicator. The price is above the EMA pointing to an increasing trend. In addition, the Relative Strength Index (RSI) stands at 62.68 at this moment. This level indicates that $WLD may be approaching overbought conditions. The RSI trend line remains above the 50 level, showcasing bullish momentum.