With a bullish trend in action, Worldcoin (WLD) eyes the $3.50 price target with a post-retest rally.
After a 62% rise over the last 30 days, Worldcoin is on a positive growth trajectory. Currently, the WLD token is trading at $2.33, with a 24-hour drop of 8.20%. However, in the past week, the WLD coin has increased by 25.46%.
Maintaining a market cap of $1.25 billion, the WLD coin shows a recovery rally ready to explode as the broader market recovers. Will this recovery rally cross above the $3 mark? Let’s find out.
Worldcoin Price Analysis
Worldcoin is showcasing a falling wedge breakout rally, gaining momentum on the daily chart. The bullish reversal for the WLD coin began from a 40-day low of $1.28.
Currently, it has increased by 81% with a current market price of $2.32. The falling wedge breakout rally took the form of a rising channel pattern. The recent bull cycle within the rising channel led to three massive bullish engulfing candles, accounting for a 43% jump from $1.6855 to $2.4160.
The rally extended from October 11 to October 14. Despite the massive surge in bullish momentum, Worldcoin failed to reach the 200-day EMA, which stands at $2.70.
This led to a bearish doji candle, indicating bullish exhaustion for the WLD coin, resulting in an intraday pullback of 2.66%. The price action reveals an evening star pattern.
Nevertheless, the pullback comes as a retest of the broken resistance trendline and teases a post-retest reversal. Furthermore, the recent two daily candles reveal a lower price rejection, increasing the chances of a bullish bounceback.
Will Worldcoin Surpass $3?
The uptick in the 50-day EMA (orange line) takes a bullish reversal as the WLD coin market sentiment improves. Furthermore, the underlying momentum grows as the MACD and signal lines maintain a positive alignment. Hence, the technical indicators support the possibility of an uptrend.
Based on the price action analysis and the technical indicators, the near-term resistances are the 200-day EMA at $2.70 and the $2.95 resistance level. In case of a highly motivated bullish journey ahead, the AI token could hit the $3.50 mark in the October rally.
On the flip side, the crucial support below the broken trendline is at $2.11 and $1.85.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
