The Worldcoin (WLD) price has increased swiftly since the start of February and reached a new all-time high price of $8.48 today.
The WLD price decreased slightly yesterday but has regained all its losses already. How long will this upward movement continue?
Worldcoin Reaches New All-Time High
The technical analysis of the daily time frame shows that WLD is mired in a parabolic upward movement. In the past 11 days, it has created ten bullish daily candlesticks. This increase coincided with the release of OpenAI’s Text-to-Video product, Sora.
On February 19, the WLD price broke out from an ascending resistance trend line. It validated it as support during yesterday’s dip and bounced (green icon). The upward movement led to a new WLD all-time high of $8.48 today.
The daily Relative Strength Index (RSI) supports the increase. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
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Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The indicator is above 70 and moving upwards, both signs of a bullish trend.
What Are Analysts Saying?
Cryptocurrency traders and analysts on X positively view the future WLD trend.
Cryptocurrency trader Nihilus_XBT noted a short-term breakout from a descending resistance trend line.
Altcoin Sherpa suggests the WLD price will initially go lower before bouncing.
“Going lower, watch the .382 fib next. the .236 was preemptive but should see some bigger bounce later on these two $TAO $WLD“. He stated
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WLD Price Prediction: How Long Will Increase Continue?
The wave count from the daily time frame suggests the WLD price will continue to increase. By studying recurring long-term price patterns and investor psychology, technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction. The most likely count suggests WLD is in wave three of a five-wave upward movement (white).
So far, wave three has had nearly 2.61 times the length of wave one. So, WLD is approaching the first resistance at $9.15, an area for a potential temporary top. If WLD breaks out above the $9.15 resistance, it can increase by another 40% and reach the next resistance at $11.85. This will give wave three 3.61 times the length of wave one.
Despite this bullish WLD price prediction, a rejection from the $9.15 area can trigger a 22% drop to the closest Fib support at $6.45.
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