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The Worldcoin price dropped more than 2% over the past 24 hours to trade at $9.05 at press time.
Worldcoin Price Outlook
4-hour chart for WLD/USDT (Source: TradingView)
The Worldcoin price is attempting to overcome the resistance level at $9.241.This is after it printed a second higher low on its 4-hour chart.
The Exponential Moving Averages (EMAs) provide a deeper insight into the market’s momentum. The 9 EMA values, starting from 8.6536 and moving up to 8.8183, alongside the 20 EMA values, which have increased from 8.2712 to 8.4845, both suggest a bullish trend. This upward movement in the EMAs is a positive sign for traders, indicating that the market might be gaining strength.
More trust online. More access to the global economy. — Worldcoin (@worldcoin) February 25, 2024
The Moving Average Convergence Divergence (MACD) further supports this bullish sentiment. The MACD values have shown slight fluctuations, with the most recent figures indicating a narrowing gap between the MACD line and the signal line. Although there was a brief period where the histogram values were negative, suggesting a potential bearish reversal, the overall trend remains positive. This is evidenced by the latest histogram value moving closer to the zero line, indicating diminishing bearish momentum.
The Relative Strength Index (RSI) has remained above 50 throughout the observed period, peaking at 62.9383. This indicates a strong market with potential for continued growth, as values above 50 generally suggest a bullish market.
Volume analysis further supports the bullish sentiment, with a noticeable increase in trading volumes. This increase in volume alongside price appreciation is a positive sign, indicating strong buyer interest and potential for sustained upward movement.
Potential Movements and Trading Strategies
Given the current technical indicators, the Worldcoin price is showing signs of a bullish trend. However, traders should keep an eye on key resistance and support levels for potential entry and exit points. The immediate resistance level to watch is at $9.241. A break above this level could signal continued bullish momentum, potentially opening up opportunities for long positions towards the next resistance levels.
On the downside, support levels are found at $8.04 and $6.414. A break below these levels, especially the $8.04 mark, could indicate a shift in market sentiment, potentially leading to a bearish trend. Traders might consider these levels for setting up stop-loss orders or for potential short positions if the market shows signs of reversal.
Your data belongs to you, the global economy belongs to everyone 🫡 pic.twitter.com/XXirpNxJa0 — Worldcoin (@worldcoin) February 22, 2024
Although technicals are flagging bullish for WLD. The altcoin has already failed to break above the $9.241 resistance level twice in the past couple of days. Another rejection in the next 24 hours may lead to a strong correction in the Worldcoin price.
The technical analysis of the Worldcoin price suggests a bullish outlook with potential for further upward movement. However, traders should remain vigilant and consider both the resistance and support levels when planning their trades. The market’s volatility necessitates a cautious approach, with a keen eye on the technical indicators for signs of any significant changes in momentum.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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