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The Worldcoin price dropped over 3% in the past 24 hours to trade at $4.82 at press time.
The Worldcoin Price Resting On Support
4-hour chart for WLD/USDT (Source: TradingView)
In the recent trading sessions, the Worldcoin price has experienced fluctuations with the closing prices showing a pattern that suggests both consolidation and potential for significant movements.
The 9 Exponential Moving Average (EMA) has demonstrated a slight downtrend, moving from $4.877 to $4.819 in recent periods. Concurrently, the 20 EMA also shows a decline from $4.965 to $4.903. These EMAs indicate a bearish crossover scenario, where the shorter-term moving average dips below the longer-term moving average, typically a bearish market signal.
The Moving Average Convergence Divergence (MACD) values have slightly improved. Despite a consistent negative MACD value, indicating a bearish trend, the histogram values have become less negative over time, suggesting a possible slowing in downward momentum. Meanwhile, the Relative Strength Index (RSI) hovers below the mid-line with readings from 43 to 45, indicating slight bearish momentum without entering the oversold territory.
Key Levels to Watch
Currently, WLD is facing resistance at $5.084 and higher at $5.143 and $6.562, which are key levels to watch if a bullish reversal occurs. Conversely, support levels are firmly established at $4.66 and $4.425, with a critical low support at $2.466. Given the prevailing bearish indicators, traders might consider short entry points if the price breaks below the $4.66 support with potential exit points near $4.425 or lower if the downtrend continues.
For those looking at potential long positions, a price reversal leading to a close above the 9 EMA might serve as a preliminary bullish signal. An entry could be considered if there’s sustained price action above $4.824, with possible exits at $5.084 or upon approaching $5.143.
While there are bearish indicators, the presence of less negative histograms in MACD and stable RSI values suggest that while the downside risk exists, there might be a potential for stabilization or a mild recovery. Investors and traders should monitor these levels closely, considering both bearish and bullish scenarios based on the described technical thresholds.
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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