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The Worldcoin price has dropped over 28% in the last week to trade at $4.79 at press time.
Worldcoin Price Overview
4-hour chart for WLD/USDT (Source: TradingView)
The Worldcoin price on the 4-hour chart over the past few hours have ranged from $4.66 to $5.061, with a noticeable spike, breaking this pattern to close at $4.644 in the latest session. This erratic movement suggests a volatile market environment, where the price briefly touched above the $5.00 mark before retracing.
The 9 Exponential Moving Average (EMA) and 20 EMA trends offer more insight. The 9 EMA has shown a decrease from $4.905 to $4.823, while the 20 EMA has also trended downward from $5.086 to $5.003. This convergence indicates a potential bearish crossover, suggesting that the market may continue to see downward pressure in the near term.
The Moving Average Convergence Divergence (MACD) values have consistently been negative, yet the histogram values have been positive and growing, indicating a reduction in the bearish momentum. This could suggest a possible recovery or stabilization in the short term. The Relative Strength Index (RSI) has stayed below the 50 mark, peaking at 46.244 before declining again, which supports the idea of a bearish market sentiment but hints at a non-overextended market.
Key Levels to Watch
Looking ahead, traders should monitor the resistance levels at $5.143 and the higher echelons at $6.562 and $6.794. A move towards these levels could signal a shift in market sentiment for WLD to bullish. Conversely, the support level at $4.425 will be crucial to watch. A breach below this mark could indicate a further decline to $2.466.
Considering the bearish signals from MACD and RSI, combined with the EMA trends, traders might consider short positions near the resistance levels, especially if the price fails to break above these points. Long positions could be considered if the price shows strong upward momentum through the resistance levels, but with tight stop-losses due to the prevailing volatility.
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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