Worldcoin price has been volatile during the first half of October, experiencing a significant rise of 54% since the beginning of the month. This recent increase allowed WLD to break out of a bullish reversal structure that promises 300% gains. However, a hurdle stands in the way that must first be overcome if Worldcoin is going to reclaim its previous all-time high.
Worldcoin Price Analysis: All Eyes on $10, But After This
The Worlcoin price chart shows a bullish reversal underway following a breakout from a downward channel that lasted since early May. The price action and candlesticks indicate a strong upward momentum.
Since the price has now broken above the upper trendline of this channel, signaling the end of the downtrend, it could lead to a significant upward rally for WLD price.
One of the greatest hurdles ahead of the Worldcoin price is the 200-day exponential moving average (EMA). The price is moving toward this indicator, which typically acts as strong long-term resistance.
On its way up, the WLD price may encounter resistance around $3.00, which aligns with the previous swing highs and the 200-day moving average.
On the flip side, there is immediate support around $2.10 – $2.20, which aligns with the breakout level and the top of the previous downward channel.
Further ahead, there is another major resistance around $7.50, which is the measured move target based on the breakout from the descending channel and presents approximately 313% potential upside from the current Worldcoin price of $2.71.
If Worldcoin price maintains its upward momentum, it could easily target the $7.50 level, especially if the broader market supports the bullish sentiment. The breakout from the channel and the crossing above the 200-day moving average are strong indications of a potential trend shift.
Catalysts For A WLD Price Rally
WLD price is up 4.7% in the last 24 hours and is trading at $2.42. This increase is part of a 21% surge in the past week, making it one of the best-performing crypto assets. The increase also comes amid a general rise in crypto prices, courtesy of Bitcoin price hitting the $66,000 mark. Technical analysis shows Worldcoin is likely to continue rising, and here are some reasons why.
The upcoming “A New World” live event in San Francisco on October 17 may spark more growth, as project leads are expected to announce “meaningful updates to the project.” One of the updates will enable Worldcoin usage to scale by at least 100X, which may positively impact its price.
Further, with the recent debut of the World Chain on October 11, the Worldcoin price has already seen positive sentiment from the market. The network had 1200 accounts as of Oct. 11. Bringing approximately 7 million Worldcoin users to the new chain could skyrocket the WLD price, especially if the network adopts WLD as the official gas fee token.
Frequently Asked Questions (FAQs)
The key hurdle for Worldcoin is the 200-day exponential moving average (EMA) around the $3.00 level, which typically acts as strong resistance.
Two key events could drive Worldcoin’s price growth: the “A New World” event on October 17 with major updates, and the October 11 launch of World Chain, which may attract millions of users and boost WLD’s value.
Worldcoin could reclaim $10 if it successfully breaks above the key $3.00 hurdle and benefits from positive developments such as the expansion of the World Chain and key project updates at the “A New World” event.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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