Recent market downturns have impacted Worldcoin (WLD) significantly. Despite this, technical indicators hint at a potential upswing for the token. Stay informed on analysts' predictions for WLD in the coming weeks.
Although WLD has recorded a 5% drop in a single day, its weekly decline stands at 13%. However, technical analyses now suggest an imminent rebound potential.
A thorough examination of the WLD’s 4-hour chart reveals the formation of a bearish harmonic Cypher pattern, a well-known scheme among technical analysts often indicating a short-term upside potential before a possible trend reversal. This pattern began to form after WLD hit its peak near $1.4465 (point X), then fell to $1.08 (point A). Subsequently, it bounced around $1.23 (point B) before dropping to $1.01 (point C).
Since this recent low, WLD has started to rise, potentially heading towards the final leg at point D, expected between $1.3535 and $1.4465. These levels correspond to critical Fibonacci zones: the 78.6% retracement of leg XC and the 100% Fibonacci extension, key areas where price reactions are usually anticipated.
If the bullish momentum persists and this harmonic pattern unfolds as expected, WLD could see an upside potential of about 28% to 36% from current levels.
The upcoming sessions will be crucial for WLD. A break to the upside towards the $1.35 mark could attract the attention of short-term traders and algorithmic bots following harmonic formations. However, traders should also watch out for a potential resistance near the target area, as it could trigger a new wave of selling pressure once the pattern is completed.
Conversely, any failure to maintain momentum, especially a break below point C, could invalidate the pattern and lead to further decline.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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