Worldcoin reaches 11-month low despite 24-hour recovery

The value of WLD, Worldcoin, has recently dropped in comparison to its performance over the previous 11 months. The trend was observed despite the ongoing efforts of the crypto market to recover from the collapse that occurred in the first half of August this year. As of writing this article, WLD has gained 8.58% in the past 24 hours and is currently trading at $1.73.

All the major SMAs signal a downtrend for the token. It is also struggling to maintain key resistance levels. Even the FGI indicates bearish sentiments around it. There is an uptick in the trading volume and Open Interest but the direction of WLD remains unknown. External factors, such as macroeconomic factors and the performance of BTC, will likely affect Worldcoin in the future.

WLD remains up by 13.63% in the last 7 days and down by 24.62% in the last 7 days. There is a notable upswing of 8.74% in trading volume, as well as a surge of 9.50% in the market cap. One of the key resistance levels is $1.70. It is currently being evaluated and will continue to be tested for the duration of the current month. The next support level rests at around $1.65, followed by $1.55. A fall to $1.65 would suffice for further declines on the price chart.

Worldcoin is still among the top 100 cryptocurrencies worldwide, but that is not exactly what the community is hoping for. Extremely high volatility encourages investors to chase profitability before the market collapses or the Federal Reserve ends up disappointing the market. The Feds are less likely to disappoint, but it is safer to keep some margin for it.

Bitcoin‘s performance is poised to rise in the coming years. The Federal Reserve’s decision will directly impact it. Furthermore, it could draw inspiration from the flows in Spot Bitcoin ETFs. BlackRock’s IBIT generated net inflows for the sixth consecutive day on August 22, 2024. Also, it is anticipated that BTC will reach $84,000 within the next 30 days, provided that it reaches its peak at $74,000 within the next few days, which is likely to occur by the end of this week.

For WLD, near-term predictions are bullish, with the value speculated to jump to $5.29 in the next 30 days and $2.10 in the next 5 days. The monthly surge will reflect a gain of 227.70%. Volatility is on the higher side, at 16.59%. Therefore, it is quite challenging to anticipate a surge of more than 200%; however, this same factor has the potential to achieve a perfect score despite all odds.

It has seen 40% green days in the last 30 days and features a 14-day RSI of 41.82 for a neutral sentiment.

Following the trail of BTC will be ideal for Worldcoin, considering the flagship digital currency is more certain to hit the most anticipated milestone by the end of this year, which is 2024.