The Worldcoin (WLD) price has increased since falling to a new all-time low price on September 12.
The increase caused a breakout from a 53-day descending parallel channel, indicating complete correction.
Worldcoin (WLD) Price Breaks Out From Corrective Pattern.
Since July 24, the price of WLD has experienced a decline contained inside a descending parallel channel. Both the upper resistance and lower support lines have been confirmed repeatedly. These channels are considered corrective patterns, meaning that they lead to breakdown most of the time.
In more recent developments, on September 7, the Worldcoin price was rejected by the channel’s resistance line (red icon). This marked the beginning of the downward trend that led to the all-time low price of $1.02 on September 12.
However, the Worldcoin price has increased since and broke out from the channel on September 15. This is a sign that the correction is complete, and a new upward movement has begun. WLD reached a high of $1.72 the next day. While the price has fallen since it still trades well above its breakout level.
The six-hour RSI supports the continuing of the increase. When evaluating market conditions, traders use the RSI as a momentum indicator to determine if a market is overbought or oversold and to 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 signs that the Worldcoin price prediction is bullish.
If the upward movement continues, the price can increase by another 50% and reach the $2.10 resistance area. However, if the rally loses momentum, a 25% drop to the channel’s resistance line at $1.08 will be expected.
For BeInCrypto’s latest crypto market analysis, click here.
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.