- Worldcoin bounces from $1.20 support, showing strong upward momentum with a potential target of $3 ahead.
- A breakout from the downtrend indicates $WLD's price recovery, with bulls eyeing resistance at the $2.80-$3 zone.
- Technical signals suggest a bullish trajectory for Worldcoin as traders anticipate the next resistance challenge.
Worldcoin ($WLD) has experienced a notable price rebound after hitting a crucial support level, signaling a potential upward trend. The cryptocurrency bounced from this support and is now setting its sights on the next target of $3.
Support Level Holds Strong
According to a post by Crypto Jack, the price action depicts a downtrend followed by a reversal from a key support level. Initially, the price experienced a continuous decline from around the $3.50 level in June, forming lower highs and lower lows, eventually reaching a bottom around the $1.20 region in mid-September.
From the $1.20 support zone, $WLD began a notable recovery. The chart displays a breakout from an under-trend line throughout the downtrend. After bouncing off the support zone, the price started to increase steadily, surpassing the $1.50 level and moving higher.
Jack's chart indicates a breakout arrow pointing towards the $3 target, indicating the potential upward movement. The overall price structure demonstrates a reversal from the prolonged downtrend, signaling that $WLD may continue its bullish trajectory as it approaches the $3 resistance zone.
Following the bounce from support, Worldcoin is now targeting the $3 spot as the next resistance level. Technical analysis indicates that the breakout could lead to a sustained price increase if momentum continues to build.
TradingView: Breakout Target Set at $3
In a detailed TradingView analysis at the time of writing. Two basic indicators, 50-day Exponential Moving Average (EMA) as well as Moving Average Convergence Divergence (MACD), indicate a bullish trend is on the way.
Source: TradingView
The 50 MA indicator has been crossed by the current price, earlier, the price had gone below the EMA during the down move to signal that the bears were in control of the market. However, this has changed, as shown by the move above this level.
In addition, the MACD indicator supports this optimism. A bullish div, which is formed when the MACD line crosses above the signal line, has recently happened. Moreover, there is positivity in the MACD histogram, indicating the increasing trend of bulls for the stocks. These levels point to the direction that the current inverted price surge could take $WLD towards its next resistance level of $3.
At the time of writing, $WLD is trading around the $2.14 mark, showing strong upward momentum. The next target is set at the $3 level, which aligns with the previous resistance area. This resistance zone is between $2.80 and $3.00, serving as the next challenge for the bulls if the current momentum continues.
The post Worldcoin Price Action: After Breaking Support Level, Is $3 the Next Stop? appeared first on Crypto News Land.