Can Worldcoin (WLD) Break Through Resistance Following a 14% Surge?

• Worldcoin trades at $2.89, with a 14% surge over the last 24 hours.
• WLD’s daily trading volume has soared by over 156%.

The Bitcoin rally in the crypto market has ignited the long-awaited altcoin season. Ethereum, the largest altcoin, with other altcoins, has chosen to trade on the upside over the past few days. However, the altcoin chart reveals a breakout above long-term resistance, signaling the fresh start of a bullish phase for altcoins. 

Among the altcoins, Worldcoin (WLD) has initiated its upward movement, driven by the alt season buzz. In the last 24 hours, WLD has recorded a 14.50% price surge. The trading day began at $2.50 and has advanced to the current price levels. As per CMC data, Worldcoin trades at $2.89 at the time of writing. 

Notably, the market observed a $4.43 million worth of Worldcoin liquidation during this timeframe. In the meantime, the asset’s daily trading volume has reached $1.39 billion.

Zooming in on the past seven-day price chart, Worldcoin has gained over 26%. At the beginning of the week, the altcoin traded at a low of $2.12, after which its price began to ascend. 

Will Worldcoin Continue Its Climb?

While inferring the technical indicators of Worldcoin, the Moving Average Convergence Divergence (MACD) line has crossed the signal line, suggesting a positive sentiment in the market. If this crossover is sustained, a prolonged bullish trend is expected.

Additionally, the Chaikin Money Flow (CMF) indicator is settled at 0.10, suggesting a positive money flow and hinting at a potential surge in the asset’s demand. Meanwhile, Worldcoin’s daily trading volume has soared by over 156%. 

WLD’s four-hour price chart signals the ongoing upside correction. If the asset’s upward trajectory continues, it could likely test the resistance near the $3 mark. Breaking through this level would ignite a renewed bullish trend, setting the Worldcoin up for further gains. 

On the downside, if the buying pressure shrinks and the bullish outlook turns bearish, WLD might lose its recent gains. The asset may likely drop to test support at the $2.60 level. If this level fails to hold, a notable downside risk could emerge. 

Moreover, the current market sentiment of WLD is found in the neutral zone, as the daily relative strength index (RSI) is positioned at 67.83. Besides, the daily frame of the asset exhibits the short-term 9-day MA above the long-term 21-day MA at $2.72 and $2.53, respectively.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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