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Recently, eyes in the cryptocurrency market have turned to Worldcoin’s (WLD) price performance. Although WLD has been following a steady downtrend over the past weeks, investors still hold hope for a potential comeback. Now, the significance of the $6.5 level could determine the future trajectory of WLD. Staying above this level may indicate the start of a new uptrend.
WLD Price Recovers After a 43% Correction
WLD price has rebounded from the $6.5 level after experiencing a 43% correction. This correction could actually be a blessing for the bulls as the upward trend still appears alive and robust. However, a break below this level, especially a close under the $6 psychological level, could seriously challenge the bullish thesis.
On a weekly timeframe, Worldcoin price has shown a clear downtrend. However, this downward trend could be a result of overall market sentiment, and the primary trend might still be upward. Particularly, the general market’s continued positive sentiment seems to support Worldcoin’s upward potential.
This correction in WLD price could be a sign of healthy consolidation and recovery. Notably, there are technical indicators that suggest the price is still maintaining its uptrend on the weekly timeframe. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) metrics strongly indicate the likelihood of the uptrend continuing.
Key Levels to Monitor for WLD
A distinct support level for Worldcoin price is set at the $6.30 mark. A retest of this level could be on the horizon. However, at the current state, it is possible to say that things are under the bulls’ control in WLD. In this case, Worldcoin’s price could be expected to surpass the $7.00 level and encounter resistance at $8.56.
However, overcoming this resistance level could lead to the price reaching the $11.97 peak and potentially setting a new all-time high above $12.00. In this scenario, further gains could emerge, creating an attractive situation for investors.
If bears gain dominance in the market, Worldcoin’s price could fall below $5.30 and even test the $4.00 psychological level. A weekly candlestick close below this level could invalidate bullish expectations and reinforce bear control.
