With the rise initiated by Bitcoin, significant developments are emerging in the crypto market. Accordingly, Worldcoin (WLD) is currently going through a challenging phase, with its price movement reflecting a neutral outlook from a downtrend. In this chart analysis, we examine the technical indicators and chart patterns highlighting the key support and resistance levels for WLD.
WLD Chart Analysis
The four-hour chart shows that Worldcoin (WLD) trades within a relatively narrow range of $4.90 to $5.10. There is a noticeable attempt to break above the four-hour Ichimoku band, but the price fails to sustain above it. The $5.10 level shows strong resistance.
The WLD price is currently below the Ichimoku band, indicating a short-term downtrend. The Ichimoku band acts as a dynamic resistance, and the inability to break above it strengthens the downtrend. On the daily chart, WLD trades within a broader range. Significant resistance is around $5.35, as indicated by the Tenkan plateau (red) of the Ichimoku band.
The price has failed to break above the band multiple times, indicating a persistent downtrend. The upper boundary of the band around $5.35 is quite resistant, and the inability to break above this level could indicate ongoing downward pressure.
WLD/BTC Chart Analysis
The four-hour WLD/BTC chart shows a downtrend, with the price making lower highs and lower lows. Recently, the price has been consolidating near the 0.00007127 BTC level, indicating a potential bottom formation.
WLD’s price against Bitcoin is currently below the Ichimoku band, indicating a downtrend. The overall trend for WLD/BTC remains bearish as long as the price continues to trade below the Ichimoku band. The inability to break above the Tenkan (red) line further supports the downtrend. A break above the Tenkan-sen line (red) could lead to a test of the lower boundary of the Ichimoku band.
Worldcoin (WLD) struggles below critical resistance levels in both USD and Bitcoin pairs, showing signs of weakness after failing to enter the Ichimoku band. This downtrend has led to widespread losses among shareholders as short-term traders exit to minimize their losses.
