From Red to Green: Can Worldcoin (WLD) Turn the Downtrend Around?

• Worldcoin is currently hovering at $0.8610.
• $WLD’s trading volume has dropped by over 18%.

A 1.36% spike in the market has ignited the crypto assets to wave both the green and red flags across the board. Notably, the overall market sentiment is lingering in fear, with the Fear and Greed Index value stationed at 28. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are seeking a way to recover, currently trading at around $109.5K and $3.8K.

Meanwhile, the Worldcoin ($WLD) price chart gives a negative outlook, posting a brief 1.05% loss. The asset opened the day trading at $0.8851, and later, with the bearish shift, the price retraced toward a bottom range of $0.8205. As per CMC data, Worldcoin traded at around $0.8610 at press time.

In the meantime, the asset’s market cap has touched $1.91 billion, and $WLD’s daily trading volume has decreased by 18.35%, reaching the $190.14 million mark. The Coinglass data has reported that the market has experienced a $1.29 million worth of Worldcoin liquidation during the last 24 hours.

Will Worldcoin’s Downtrend Push It Toward Past Support Levels?

Worldcoin’s Moving Average Convergence Divergence (MACD) line is found below the signal line, and both have crossed beneath the zero line. It implies a strong downtrend, and the price action may continue to decline. Moreover, the Chaikin Money Flow (CMF) indicator positioned at -0.12 shows selling pressure in the $WLD market, which is moderate. With the negative value, capital is flowing out than in.

The active downside correction of Worldcoin could trigger the price to move down and test the crucial support range at around $0.8599. A steady breakdown of this mark might ignite the formation of the death cross. This may strengthen the bears, and they will take the price below $0.8589

Conversely, assuming the bearish outlook turns bullish, the Worldcoin price might likely climb and find the resistance at the $0.8620 level. The golden cross could emerge if the upside pressure gains more traction. Eventually, the potent bulls would have to drive the price up above $0.8630.

Besides, the current $WLD market sentiment is weak and may continue the bearish pressure, with the daily Relative Strength Index (RSI) resting at 39.53. Also, it would be approaching the oversold territory. Worldcoin’s Bull Bear Power (BBP) reading of -0.031 signals the dominance of the bears in the market. The negative influence is mild, as it is a modest downward momentum rather than a strong sell-off.