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.
Worldcoin Price Analysis Chart
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.
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