Worldcoin (WLD) Not Ready to Rebound, Analyst Believes

Crypto analyst Altcoin Sherpa believes Worldcoin (WLD) is not yet ready for a rebound. In a post on X, he wanted the asset could revisit lower levels.

Crypto analyst Altcoin Sherpa is advising patience on Worldcoin (WLD), signaling that the asset is not yet prepared for a rebound. In a post on X, formerly Twitter, Sherpa noted that while he had the 0.5 Fibonacci level on his radar for a possible buy decision, he ultimately decided against it.

Instead, Sherpa recommends waiting for consolidation before making a buy decision. In his market update, Sherpa shared a chart of WLD’s price action, showcasing a sharp rally and subsequent decline.

WLD still no indication of a rebound yet.

Fib 0.5 was on my radar for a potential buy, but decided against it.

New buys on consolidation (sideways price action) is usually best. It could take a bit, but just watch and wait.

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(Don't try to apply Fib on the whole move, it's too messy for that. Chart also shows it could go lower yet) pic.twitter.com/O3G8G6p987

— Altcoin Sherpa (@altcoin_sherpa) May 15, 2024

The chart includes Fibonacci retracement levels applied to the recent upward move.

Worldcoin is currently trading at $1.48, reflecting a 5.3% decrease in the past day. However, the coin has seen an impressive 72.4% surge in the past month.

Earlier this week, Bitcoin hit a new all-time high above $111k, leading to a broader correction in several altcoins.

Many traders use Fibonacci retracement tools to identify potential support zones, but Sherpa cautions against relying too heavily on this method for WLD, considering the coin’s erratic behavior.

The post Crypto Analyst Warns Against Rushing into Worldcoin Buy Despite Fibonacci Levels appeared first on Coin Edition.