Binance, the world’s largest cryptocurrency exchange in terms of trading volume, facilitates the buying and selling of numerous altcoins. Many new and groundbreaking projects see their all-time highs after being listed here. However, one altcoin listed this year suffered significant losses due to regulatory uncertainty. And now, the tide seems to have turned.
Worldcoin (WLD) Review
Worldcoin’s token, WLD, had experienced a significant loss in value due to its collection of biometric data, which raised concerns with governments. While long-term risks persist, the technical outlook highlights the possibility of an upward trend in the short and medium term. The price had reached an all-time low on September 12 but managed to recover afterward.
The rise following the establishment of a new all-time low resulted in a breakout from a declining parallel channel of 53 days. Since July 24, the WLD price had been experiencing a decline within a descending parallel channel. Both the upper resistance and lower support lines were repeatedly confirmed. These channels are considered corrective formations, often leading to a collapse.
WLD Coin Price Prediction
After successfully breaking out of the descending channel on September 15, the price is now preparing for further gains. The recent breakout, indicating the completion of the correction, signifies the beginning of a new upward movement. Indeed, the day after the breakout, the price reached $1.72, marking a new high. Although the price has since declined, it is still trading well above the breakout level.
In the short term, six-hour RSI readings support the expectation of a continued rise. If the upward movement continues, we may see the price increase by 50% and reach the $2.1 resistance level. However, if the rally loses momentum and returns to the channel, it could lead to a 25% drop, bringing the price back to the $1 range.
Currently, the overall sentiment regarding the WLD Coin price is not affected as long as Bitcoin maintains its position above $27,000.
While short and medium-term expectations for an increase are strong, in the long term, investigations opened by countries like Germany and the United Kingdom against Worldcoin could have serious negative consequences. Investors should not overlook these risks.
