Worldcoin [WLD] has seen a remarkable 37% increase in just one day. Investors are now seeking the best position to capitalise on this bullish trend. Here's an in-depth analysis to guide you.
Worldcoin (WLD) has experienced a significant surge in recent days. The price of the cryptocurrency has soared by 37% in just 24 hours, with daily trading volume rising by nearly 140% compared to the previous day. This rapid increase was unforeseen, as the general trend had already been bullish over the past month.
This surge in the WLD price is primarily attributed to a successful $135 million fundraising by the Worldcoin Foundation from the largest VC in the crypto ecosystem: a16z. This capital injection has accelerated the network’s expansion and propelled the cryptocurrency’s price to new highs.
Although the trend is clearly bullish, traders should remain cautious of a potential short-term correction. The RSI (Relative Strength Index) on the 4-hour chart has reached 87, a high level not seen in recent weeks. This suggests that the market is in an overbought zone, indicating an inevitable correction.
On the daily chart, it is observed that Worldcoin briefly dropped below the psychological $1 threshold last May before bouncing back rapidly. Traders can expect a price retracement towards $1.4, a significant long-term support-resistance level. A deeper correction towards $1.32, the previous local highs, is also possible.
In the short term, WLD still has room to grow towards $1.7, a 13% increase from its current price of $1.53. If it bounces off the $1.4 support, WLD could then reach $2.5, representing a rise of over 40%.
Despite this sudden surge, investors considering entering a long position should not panic and patiently await a price retracement. Patience will be key to position oneself well and benefit from this bullish trend.
Traders already in a long position may consider taking profits at $1.7 and $1.6, especially if using leverage.
In the short term, a trendline has formed in 10 minutes, and WLD could test and find support at $1.4 in the coming days, offering a compelling entry point for savvy investors.
Bitcoin should also be monitored. If BTC drops below $109,000, it may go down to $106 or $104,000. If it stays above, it could target $113,000.
One can place buy orders at $1.41 on Bitget using the “limit order” function. Here is a guide to purchase on the exchange:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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