- A potential ‘Golden Cross’ could be on the horizon for Worldcoin
- WLD’s RSI stood at 65.05, nearing overbought territory – A sign of potential caution for traders
As a seasoned analyst with years of market experience under my belt, I find myself intrigued by Worldcoin’s [WLD] recent performance and the potential ‘Golden Cross’ on the horizon. While the crypto’s 12.05% surge in the last 24 hours is impressive, it’s essential to keep an eye on critical resistance levels and support zones.
Jacob: Worldcoin awaits a ‘Golden Cross,’ what does this mean for traders?
Over the past day, the price of Worldcoin (WLD) has shown exceptional performance, surging by approximately 12.05%, reaching a value of $2.43 at the moment this update was made.
The previously mentioned increase, or “uptick,” has piqued the interest of traders since the altcoin reached crucial barriers in its path. How it behaves around these points may influence both its immediate and future price trajectory.
Examining the behavior of the altcoin’s pricing indicated positive trends, along with factors that might impact its future direction within the coming week.
Resistance levels in focus
The recent surge in Worldcoin’s price has brought it close to critical resistance levels on the charts.
The initial substantial barrier, denoted by R1 ($2.5042), signifies a vital resistance point. If Worldcoin manages to surpass this point, it might strengthen its upward trend, possibly pushing it towards testing R2 ($2.7647) and R3 ($3.1559). At these levels, traders might consider taking profits.
Furthermore, the graph showed an upcoming “Golden Cross” situation since the 50-day moving average was approaching a point where it would intersect with the 200-day moving average – a positive technical indicator.
If Worldcoin manages to exceed its current 50-day Moving Average, which is approximately $3.13 as we speak, this might signal that an extended upward trend is in progress on the price graph.
If we don’t manage to surpass resistance level R1, there might be a brief reversal or pause, potentially halting the ongoing upward trend.
Key support levels to watch for potential pullback
If Worldcoin experiences a price drop (retracement), there are various significant levels where it might find support, serving as protective barriers or cushions.
As an analyst, I’ve identified the initial significant support level at $1.7517, which corresponds quite closely to a past consolidation point. A potential dip down to this point might signal a beneficial correction before WLD resumes its upward trajectory. Should additional selling pressure come into play, the next crucial support level would be at $1.4888.
Previously, this area functioned as a foundation for past price fluctuations. Breaking through it might indicate a more significant adjustment or dip.
Finally, S3 ($1.1808) represented a more bearish outlook for Worldcoin in the short term.
Momentum and RSI suggest caution
The Relative Strength Index (RSI) for Worldcoin stood at 65.05, just below overbought territory. This implied that while Worldcoin has strong bullish momentum, it could exhaust it pretty soon.
In simpler terms, the crypto-currency might be approaching a stage where purchases may start decreasing. If the Relative Strength Index (RSI) goes beyond 70, it signals an overbought situation, which could trigger a temporary dip or stabilization in its price.
– Realistic or not, here’s WLD market cap in BTC’s terms
Additionally, it appeared that Worldcoin’s price was approaching the upper limit of its Bollinger Bands, which often indicates increased volatility. If the price extends beyond this point excessively, investors might want to keep an eye out for indications of a pullback.
As I write this, it appears that Worldcoin is experiencing a surge. But, signs point towards a possible correction in the near future.
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2024-10-20 01:44