Worldcoin Bulls Defend: Price Prediction and Key Levels to Watch

Worldcoin's price navigates a critical juncture. Will the bulls hold, or will selling pressure prevail? A look at key support and resistance levels.

Worldcoin Bulls Defend: Price Prediction and Key Levels to Watch

Worldcoin (WLD) is at a pivotal moment. Bulls are trying to defend key support levels amid market volatility. Let's dive into what's happening and what it might mean for WLD's price.

Bulls Step Up to Defend $0.87

Currently, Worldcoin is holding support at $0.87, a crucial zone that buyers are actively defending. Despite some price swings, there are signs of accumulation on both intraday and daily charts, hinting at a potential setup for the next major move.

Open Interest Declines Suggest Caution

Recent data shows that open interest (OI) has been declining as the price retraced from a high of $0.985. This suggests that traders are exiting their positions, indicating decreased speculative conviction in the short term. It's more of a de-risking phase than a signal of immediate bullish continuation.

Positive Signs from BraveNewCoin Chart

However, the BraveNewCoin chart painted a more optimistic picture. Worldcoin experienced a steady price climb from around $0.91 to $0.981, supported by consistent buying across the market. This suggests broad participation rather than isolated short squeezes, reflecting accumulation.

TradingView Daily Chart: Consolidation Range

The TradingView daily chart provides a longer-term perspective, showing Worldcoin trading within a narrow range between $0.85 and $0.95. Key levels to watch are resistance at $0.98 and support at $0.87. A daily close above $0.98 could pave the way toward $1.20, while a drop below $0.87 might expose WLD to further downside.

Fractal Pattern Emerges: Echoes of SEI's Breakout?

Analysts are eyeing a fractal pattern in WLD that mirrors SEI's recent breakout. After breaking out of a falling wedge and clearing key moving averages, SEI soared. Worldcoin is now following a similar script, testing its 100-day moving average. If WLD can break above this MA, the next target is the 50-day MA near $1.085, potentially opening the door to $1.64.

Of course, fractal patterns aren't guarantees. The crypto market is inherently risky. While the fractal pattern suggests a potential for growth, it is important to conduct thorough research and consider all possible outcomes before making any investment decisions. Additionally, it is advisable to diversify one's portfolio to mitigate the risks associated with investing in a single asset.

The Bottom Line

Worldcoin's price action is at a critical juncture. Bulls are defending key levels, but the path forward is uncertain. Keep an eye on the $0.87 support and the $0.98 resistance. A breakout above the 100-day MA could signal a significant move higher. So, buckle up, crypto enthusiasts! It's gonna be a wild ride.