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Worldcoin (WLD) Price Bounce: 10,000 Users Sign Up in 1 Day

2 mins
Updated by Ryan Boltman
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In Brief

  • The Worldcoin (WLD) price bounced on September 5 and has increased by nearly 25% since. The price still trades inside a descending parallel channel.
  • The six-hour RSI and the price action both support the possibility of a breakout. A 65% increase could follow in that case.
  • However, if the WLD price fails to break out, a 40% drop to the descending channel's long-term support line will be the most likely future price outlook.
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The Worldcoin (WLD) price has decreased in a corrective pattern since its launch on July 25. The decrease culminated with a low of $1.02 on September 5.

However, the price began a bounce on September 5 and has increased by nearly 25% since then, showing signs of a potential future breakout.

Worldcoin Price Bounces at $1

The WLD price has been on a downtrend since its listing on July 24. The downward movement has been contained inside a descending parallel channel. These channels usually contain corrective movements, meaning that an eventual breakout from the channel is the most likely future price scenario.

On September 5, the price reached a new all-time low of $1.02 but bounced almost immediately afterward. It is possible that the bounce was caused due to news that Worldcoin had signed up 10,000 Argentinians in 24 hours. The price now trades in the channel’s upper portion, further increasing the possibility of a breakout.

The six-hour RSI supports the possibility of a breakout. Traders employ the RSI as a momentum indicator to assess if a market is overbought or oversold, helping them decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The indicator is above 50 and increasing, both considered signs of a bullish trend.

Worldcoin (WLD) Price Prediction
WLD/USDT Six-Hour Chart. Source: TradingView

In case of a breakout, the WLD price can increase by 65% and reach the $2.10 horizontal resistance area.

However, if the rally loses steam, WLD could fall to the long-term channel’s support line, currently at $0.75. This would amount to a drop of 40% and would constitute a new all-time low price.

For BeInCrypto’s latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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