One week ago, we made a price analysis of Worldcoin. WLD price was showing a clear bullish pattern as it consistently bounced off a trendline that had acted as support since September.
In the content, we noted a crucial bounce for Worldcoin price, which indicated that the price could be set for a rally. The bulls gained some liquidity at the trendline, and the price spiked by more than 30%.
However, we also noted that some indicators were showing mixed signals. Even though the 100-day SMA was acting as support for the price, the 50-day SMA could potentially serve as resistance.
WLD Price Breaking Below Key Support
With the crypto market being bearish in the last few days, WLD price could not keep up with the momentum, resulting in a dip. This bearish move is currently breaking out of the five-month-long support at the trendline.
Successfully breaking this support could end the bullish pattern for WLD price, kickstarting a bearish move.
Read Also: Could SUI Be the Solana (SOL) of This Cycle? Insight From Top Crypto YouTuber
However, beyond technical analysis, different fundamentals and on-chain metrics could also affect the price. The general sentiment across crypto markets could either support its price growth if it turns positive or trigger more downside if it remains negative.
The 5-month price support is very important for WLD price, and breaking below it with a successful retest could lead to a significant dip.
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