- Worldcoin bulls have reason to hope for an uptrend after the move past $6.188.
- The buying pressure remained weak and might need time to gather strength.
As an experienced analyst, I believe the bulls of Worldcoin (WLD) have reasons to be hopeful for an uptrend following the move past the crucial resistance level at $6.188. However, the buying pressure remains weak and might need some time to gather strength.
On Monday, the 6th of May, Worldcoin [WLD] drew significant attention. This surge in interest wasn’t due to positive reasons, however. Instead, it appears that accusations of financial misconduct, specifically related to artificial intelligence (AI), fueled WLD’s trend.
Despite a favorable momentum for the bulls, the volume indicator showed little enthusiasm for this trend. However, it’s important to note that there was still a significant structural shift toward bullishness in the market.
With Bitcoin [BTC] also struggling to trend upward, WLD bulls could face a tough few weeks ahead.
The HTF demand zone saw a positive reaction
In mid-December 2023, the $3.72-$4.79 region formed a bearish order block on the 1-day timeframe.
The February rally moved the price point to a region of demand, which was revisited during mid-April following significant losses over the past few months.
In simpler terms, Worldcoin has recently retreated to a previous resistance level, which is now acting as demand. It has bounced back twice within the last month. Nevertheless, On-Balance Volume (OBV) has struggled to surpass this former local support level.
This indicated that, despite the price bounce, the buying pressure was minimal.
Alternatively, the 12-hour RSI showed robust bullish signs, registering at 61.48. Additionally, the price ended the session above the previous resistance level of $6.188, signaling a shift towards a bullish trend.
Will the bulls keep the uptrend going?
In simpler terms, concentrated areas of liquidation prices exert significant pull on market prices. According to AMBCrypto’s analysis, the price is most likely to be attracted to the $3.84-$4 range due to its high concentration of liquidity.
However, it was also pretty far away, sitting 35% lower than the current Worldcoin price of $5.91.
In the northern region, there existed a shallow pool of liquidity, priced between $6.6 and $7.2, that was relatively closer to current market rates but not as substantial. Consequently, it’s possible that we will witness another significant price drop to amass the available liquidity around the $3.8 area.
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2024-05-09 04:07