Worldcoin ($WLD) is garnering attention from investors due to price consolidation at a support level following a significant downturn. Technical indicators suggest the potential for a new upward trend.
Price Consolidation and Market
$WLD's price initially surged to around $12 after listing on Binance near $0.95 but then fell below $2, remaining in consolidation for an extended period. An ascending support trendline has appeared on the chart, indicating active buying interest despite a prolonged bearish trend.
Bullish Outlook and Resistance Levels
Prominent trader @RoccobullboTTom reaffirmed a bullish outlook, stating, 'You should buy every dip $WLD because it can go double digits again from here.' The resistance level at $2 is viewed as a critical target, with a break above it potentially triggering significant price increases towards intermediate targets near $6.
Accumulation Phase and Risks
Currently, the price is trading between $0.90 and $1.00, indicating that market participants are steadily building positions. If the lower level of the ascending support trendline holds, this could lead to impulsive upward movements. However, a breakdown below this support could trigger additional selling pressure.
Worldcoin's chart structure may indicate a classic bottoming formation, and if supported by high volume on a breakout, it could mark the start of a new growth phase. Historical data suggests that clearing critical resistance levels may lead to rapid price increases.
