Worldcoin (WLD) Outlook: Key Support and Breakout Levels Identified

5 months ago 2

ARTICLE AD BOX

Worldcoin (WLD) is currently experiencing a challenging phase, with its price action reflecting a bearish to neutral outlook.

This analysis will delve into the technical indicators and chart patterns highlighting key support and breakout levels for WLD.

Analysis of Worldcoin Technical Chart

The four-hour chart shows Worldcoin (WLD) trading in a relatively narrow range between $4.90 and $5.10.

There is a visible attempt to break above the 4H Ichimoku Cloud, but the price fails to sustain above it. Indicating strong resistance around the $5.10 level.

The WLD price is currently below the Ichimoku Cloud, which suggests a bearish trend in the short term. The cloud acts as dynamic resistance, and the failure to break above it reinforces the bearish sentiment.

On the daily chart, WLD is trading in a broader range. Significant resistance is around the $5.35 level, as indicated by the Tenkan plateau (in red) of the Ichimoku Cloud.

The price has been unable to break above the cloud multiple times, showing a persistent bearish trend. The cloud’s upper boundary, around $5.35, is strongly resistant. The continued inability to break above this level indicates ongoing bearish pressure.

Analysis of Worldcoin (WLD) vs Bitcoin (BTC) Technical Chart

The four-hour chart shows WLD/BTC in a downtrend, with the price making lower highs and lower lows.

Recently, the price has been consolidating near the 0.00007127 BTC level, indicating a potential base formation.

The price of WLD against BTC is currently below the Ichimoku Cloud (4H), indicating a bearish outlook. The overall trend for WLD/BTC remains bearish as the price continues to trade below the Ichimoku Cloud.

The persistent inability to break above the Tenkan (red) line further supports the bearish sentiment. A break above the Tenkan-sen line (in red) could lead to a test of the lower boundary of the Ichimoku Cloud.

Strategic Recommendations Based on Previous Analysis

Bearish to Neutral Outlook

Worldcoin (WLD) is struggling below the critical resistance levels in both USD and BTC pairs, showing signs of weakness after failing to penetrate the Ichimoku Cloud. This bearish sentiment has led to widespread losses among holders, with short-term traders exiting to cut their losses.

The price of WLD against BTC is currently below the 4-hour Ichimoku Cloud. However, a break above the Tenkan line (in red) could trigger a price reversal to the upside.

[In] our Previous WLD Analysis: Worldcoin (WLD) is struggling below the critical $5.50 resistance level. It is showing signs of weakness after failing to penetrate the daily Ichimoku Cloud. This bearish sentiment has led to widespread losses among holders, with short-term traders exiting to cut their losses.

The post Worldcoin (WLD) Outlook: Key Support and Breakout Levels Identified appeared first on BeInCrypto.

Read Entire Article