Worldcoin (WLD) Rebound Unlikely Yet; Consolidation Is Key First

Analyst Altcoin Sherpa says Worldcoin (WLD) could drop further. He advises traders to wait for consolidation before entering.

Crypto analyst Altcoin Sherpa doesn't think Worldcoin (WLD) is ready for a rebound just yet. In a recent X post, he said that he expects the asset to drop further and recommends waiting for consolidation.

"I think we're going to drop a bit more here. I was thinking 0.50 Fib, but I decided not to buy at that level (even though I said I would). Maybe we get a bit lower, and then I'll look for some consolidation," the analyst stated.

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

As of this press time, Worldcoin is trading at $1.48, following a 5.3% decrease in the past day. However, the coin has experienced an impressive 72.4% surge over the past month.

Considering the broader price action, Sherpa pointed out that applying Fibonacci retracement levels to the recent bull market would place the 0.382 and 0.50 Fibonacci levels at around $1.04 and $0.90, respectively. He also noted the potential for a deeper correction, which could reach the 0.618 Fibonacci level at around $0.74 or even the 0.786 Fibonacci level at around $0.50.

"I'll be looking for some consolidation/brick wall buying in order to enter. We might get a bit lower, or we might bounce from here," concluded Sherpa.