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Worldcoin (WLD) price is expected to rise following Nvidia‘s earnings reports today, after a week of consolidation. Recently, Nvidia (NVDA) has drawn attention with its strong earnings, positively impacting the market for AI-based altcoins like WLD. This could be a significant catalyst for WLD’s price to move upward if it exceeds expectations.
Worldcoin’s Fate Tied to Nvidia
In Nvidia’s last earnings announcement, earnings per share exceeded analysts’ expectations by 12.34%. This unexpected increase affected AI coins, especially Worldcoin, raising their prices by up to 50% between February 21 and 22.
A similar situation occurred in the past. The 19.4% positive surprise in the November earnings report caused Worldcoin to rise by about 20% from its daily low. If history repeats itself and Nvidia’s actual earnings exceed estimated figures, AI tokens, especially WLD, could climb to higher values.
WLD Price Shows Promise
Worldcoin price dropped 69% from its all-time high of $11.97 on March 10, consolidating between $4.59 and $5.24 over the past week. The weekly support level of $4.59 pushed WLD up by 7%, currently trading at $5.07.
Nvidia‘s approaching earnings could turn the $5.24 level into a support point, breaking away from the current price range. In this case, investors might see WLD rise by up to 20%, targeting the next daily resistance level of $6.30 from May 13. However, this jump could halt around the psychological level of $6.
If Earnings Report Falls Short
On the other hand, if the earnings report is weaker than expected, a potential downtrend for WLD could occur. This downward trend might pull the AI-based altcoin back to a lower level like $4.59. In this scenario, Worldcoin price could break below the mentioned level, triggering a 10% drop to test the weekly support level of $4.20. If the overall crypto market remains positive, this level could offer buyers an opportunity to accumulate WLD.
If Worldcoin price closes a daily candle below the weekly support of $4.20, it could indicate market weakness. This move could result in a lower low forming on higher time frames, invalidating the bullish scenario. In this case, the cryptocurrency WLD might then experience a 9% correction towards the April 13 low of $3.69.
