Worldcoin Explodes 21%; Is This the Breakout Bulls Have Been Waiting For?

• Worldcoin (WLD) made a solid comeback as the price gave a solid breakout above the key EMA levels.

• WLD price shot up by almost 21% in the last 24 hours, showcasing bullishness on the daily technical chart.

Worldcoin (WLD) has shown an impressive performance in the last 24 hours. As per CMC data, the altcoin gained nearly 21% as the altcoin broke decisively above key exponential moving averages (EMAs). The rally is a major technical achievement of WLD that had been consolidating around major resistance levels over the past few months.

The price movement indicates that WLD has been able to break the 50-day EMA at $0.98833 and the more important 200-day EMA at $1.17321. This breakout over the 200-day EMA is especially interesting because it frequently indicates a possible transition of the market structure to the bullish one. This breakout was even more momentous to bulls as the 200-day EMA had been serving as a strong resistance line all through the summer months.

Technicals are portraying an even more positive outlook on the short-term prospects of Worldcoin. The RSI is at 69, which implies that it has a strong momentum without going into overbought. This is an indication that it can still have more upward movement before it faces serious resistance due to momentum indicators.

What Next For Worldcoin Price?

There is another bullish signal given by the MACD indicator and a bullish crossover given by the momentum oscillator with green histogram bars. This technical advancement frequently leads to a long-term positive price trend and supports the optimistic mood of the recent breakout of WLD.

The market sentiment has significantly changed to positive as compared to a neutral one, and the sentiment indicator has shown more optimism among traders and investors. This change of mindset, coupled with the technical breakout, will provide a positive atmosphere to further price gains.

In the upcoming trading sessions, the next target of Worldcoin seems to be the $1.50 level, as this is a psychological resistance area that has traditionally drawn selling pressure. The path to this goal will probably be determined by the capacity of WLD to sustain the support above the recently recovered EMA levels, especially the 200-day EMA.

The existing technical configuration implies that Worldcoin has reached a more positive stage, and the combination of moving averages breakouts, positive momentum indicators, and better market sentiment gives a good basis for possible additional profits. Nevertheless, traders are advised to keep an eye on volume and the sustainability of the breakout to verify the authenticity of this bullish reversal.

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