thecryptobasic.com
With a bullish trend in action, Worldcoin (WLD) eyes the $3.50 price target with a post-retest rally.
After a 62% rise over the last 30 days, Worldcoin is on a positive growth trajectory. Currently, the WLD token is trading at $2.33, with a 24-hour drop of 8.20%. However, in the past week, the WLD coin has increased by 25.46%.
Maintaining a market cap of $1.25 billion, the WLD coin shows a recovery rally ready to explode as the broader market recovers. Will this recovery rally cross above the $3 mark? Let’s find out.
Worldcoin Price Analysis
Worldcoin is showcasing a falling wedge breakout rally, gaining momentum on the daily chart. The bullish reversal for the WLD coin began from a 40-day low of $1.28.
Currently, it has increased by 81% with a current market price of $2.32. The falling wedge breakout rally took the form of a rising channel pattern. The recent bull cycle within the rising channel led to three massive bullish engulfing candles, accounting for a 43% jump from $1.6855 to $2.4160.
The rally extended from October 11 to October 14. Despite the massive surge in bullish momentum, Worldcoin failed to reach the 200-day EMA, which stands at $2.70.
This led to a bearish doji candle, indicating bullish exhaustion for the WLD coin, resulting in an intraday pullback of 2.66%. The price action reveals an evening star pattern.
Nevertheless, the pullback comes as a retest of the broken resistance trendline and teases a post-retest reversal. Furthermore, the recent two daily candles reveal a lower price rejection, increasing the chances of a bullish bounceback.
Will Worldcoin Surpass $3?
The uptick in the 50-day EMA (orange line) takes a bullish reversal as the WLD coin market sentiment improves. Furthermore, the underlying momentum grows as the MACD and signal lines maintain a positive alignment. Hence, the technical indicators support the possibility of an uptrend.
Based on the price action analysis and the technical indicators, the near-term resistances are the 200-day EMA at $2.70 and the $2.95 resistance level. In case of a highly motivated bullish journey ahead, the AI token could hit the $3.50 mark in the October rally.
On the flip side, the crucial support below the broken trendline is at $2.11 and $1.85.