Worldcoin (WLD) Could Drop Further Before a Rebound, Says Altcoin Sherpa

Crypto analyst Altcoin Sherpa believes Worldcoin (WLD) is not yet ready to rebound.

Crypto analyst Altcoin Sherpa does not think Worldcoin (WLD) is ready for a rebound just yet. In a recent X post, he stated that the coin could drop further. Thus, traders should wait for consolidation.

Worldcoin Price Analysis: Further Downleg Possible

In his market update, Sherpa shared a chart of WLD’s price action, showcasing a sharp rally followed by a deep correction. He also included Fibonacci retracement levels applied to the recent upward move. According to him, the 0.50 Fibonacci level was on his radar, but he ultimately decided against buying at that point.

"I don't think WLD is quite ready for the rebound yet. I was thinking about buying at the 0.50 fib, but I decided not to. I think we'll need to see some consolidation first," the analyst wrote.

As of press time, Worldcoin is trading at $1.48, after a 5.3% decline in the past day. However, the coin has seen an impressive 72.4% surge in the past month.

Considering the broader price action, Sherpa added that the 0.382 Fibonacci level provided some support, and he expects the coin to find support at the 0.236 level.

"I'm not sure I fully buy into the narrative that it's going to zero or anything like that. I do think it has potential, but I'll be waiting for some consolidation and maybe a lower entry point to join in on the move."