In a recent tweet, crypto analyst Maniac highlighted a significant development in the WLD market. According to Maniac’s analysis, WLD has successfully broken through a crucial resistance trend line on the daily chart. The breakout sets its sights on the $2.18 mark, a critical first resistance level. While traders may anticipate some corrections upon reaching this level, the long-term outlook for WLD remains optimistic, signaling potential high profits for those with a patient approach.
Current Market Dynamics
The WLD/TetherUS trading pair on Binance has been undergoing notable price fluctuations, shedding light on a dynamic market environment. After peaking near $12, WLD entered a corrective phase, establishing clear support and resistance zones. The chart displays a downtrend marked by a red trend line, but WLD’s price action suggests a potential reversal.
The most critical support level appears at $1.35, while the primary resistance stands near $3.40. These levels have acted as anchors for price movements, defining the market’s highs and lows. WLD tested the $1.35 support multiple times without breaking down decisively, offering a glimpse of bullish sentiment brewing in the background.
In June, WLD hit a low of approximately $1.50, but September ushered in signs of recovery. As of early October, WLD is trading near $2.18, marking a shift toward a bullish structure. If this momentum persists, the price could target the next resistance level around $2.30. Furthermore, Fibonacci retracement levels hint at further resistance points at $3.40 and $6.00, should the bullish drive continue.
Technical Indicators Signal Bullish Sentiment
Analyzing the four-hour chart as of October 8, 2024, WLD is currently priced at 1.957 USDT, reflecting a slight dip of 1.11%. The highest observed price in this period was 1.988 USDT, while the lowest was 1.950 USDT, demonstrating narrow price fluctuations that suggest consolidation before a possible breakout.
The 50-period exponential moving average (EMA) sits at 1.857 USDT, with the current price positioned above this trend indicator. This relationship signals an upward trend, reinforcing the market’s bullish outlook. Additionally, the Relative Strength Index (RSI) stands at 62.68, suggesting that WLD is approaching overbought territory. However, with the RSI trend line remaining above the critical 50 level, the bullish momentum appears to be firmly in place.
Outlook: What’s Next for WLD?
The bullish breakout through the daily resistance trend line offers traders a compelling opportunity. While short-term corrections may arise as Worldcoin approaches key resistance at $2.18, the long-term prospects are favorable. The price movement suggests that WLD is well-positioned to continue its upward trajectory, with potential targets at $2.30 and beyond.
Also Read: Worldcoin (WLD) Soars 10% In 24 Hours – Can It Break $2 Amid 89% Holder Losses?
As WLD traders monitor these key technical indicators, the next few weeks could be pivotal in determining the direction of this cryptocurrency. If the market holds strong, WLD may rise toward the $3.40 resistance level, solidifying its bullish trend.
For now, the message is clear: WLD is poised for upward momentum, and traders should keep a close eye on the $2.18 resistance level to gauge the market’s next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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