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Double-digit gains in the cryptocurrency markets are not surprising. Of course, we have been seeing less of them in the past two years. However, a renowned analyst, well-known among investors, recently stated that a particular altcoin could experience double-digit growth. What is the critical level for this controversial altcoin that sparked debates?
Altcoins with Potential
Altcoin Sherpa is a well-respected expert in the eyes of cryptocurrency investors. Lately, they have been focusing on a specific altcoin, which has been a subject of controversy since its launch. The altcoin’s approach to data privacy is risky. Governments are not in favor of collecting their citizens’ biometric data. Yes, the experienced crypto analyst mentioned the Worldcoin (WLD) project.
The crypto analyst believes that Worldcoin could increase by more than 11% from its current value. Here’s what they said:
“WLD: I’ve completely exited this position, taking most of my profits in the $1.70-$1.85 range. I believe this stock can reach $2.00 or even higher. A few things to note: Never make long-term investments in this. Also, avoid short selling for a while.”
According to Altcoin Sherpa, the controversial altcoin entered an upward trend after converting the 200-day exponential moving average (EMA) into support. At the time of writing, Worldcoin is trading at $1.80, representing a 0.3% increase.
Current Bitcoin Analysis
The king of cryptocurrencies, Bitcoin, is struggling to maintain the $27,000 level, despite the optimistic PCE data released today. As BTC‘s price drops, open interest has also significantly decreased. This indicates a weakening bullish momentum in futures, which suggests that the spot price may fall below $26,500 again.
Clearly, this situation is becoming increasingly boring for BTC. The cumulative volume is around $30 billion. Interest is weak, and altcoins tend to hit deeper lows during BTC corrections (while most fail to make profits during uptrends). If the current negative sentiment persists, we may see new all-time lows (ATL) with another wave of overselling.
BTC closing below $26,500 could lead to a drop to $24,800 and $23,500. To regain an upward trend, BTC needs to convincingly surpass the $28,800 level.
