While Bitcoin and Ethereum struggle to hold their support levels, Worldcoin is working to alleviate selling pressure as bulls maintain some control.
The price of WLD is aiming to replicate the strong performance seen in the first quarter, with hopes of reaching levels close to $5 in July.
Worldcoin’s Strength Amidst Market Downturn
While the crypto markets face bearish trends, Worldcoin (WLD) is showing notable strength. The price appears to have bottomed out and is preparing for a significant bullish move, potentially lifting the token above the current bearish pressures. Despite ongoing bearish risks, the WLD price is projected to rise by over 30% in July, with the potential for an additional 50% increase by the end of Q3 2024.
Worldcoin has experienced a remarkable 110% surge in volume over the past 24 hours, helping it withstand the bearish forces that have plagued the crypto market this month. The price saw a sharp increase following OpenAI’s announcement of Sora, which boosted the entire AI sector. However, after reaching double-digit gains, the price fell by more than 80%. Despite this drop, the bearish grip on Worldcoin seems to be weakening, setting the stage for a new bullish phase.
Source: TradingView
Worldcoin Price Analysis: Potential for Bullish Reversal
The WLD price seems to have hit its lowest point, with profits fully squeezed out. Bulls have been working hard to regain control, maintaining a steady grip on the token since the start of the month. The RSI has formed a double-bottom pattern, signaling a potential reversal is near. However, the DMI suggests that the price may remain in a consolidation phase until a bullish crossover occurs.
The ADX, which measures the strength of the rally, has reached its upper limit, indicating a possible pullback and supporting the continuation of the accumulation phase. As the month draws to a close, Worldcoin (WLD) is expected to move beyond this accumulation phase, with fresh liquidity likely to boost the platform. This could lead to a new upward trend, potentially surpassing the 0.23 FIB level and reaching above $5 in the coming weeks.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
