Worldcoin (WLD) Dips Below $1: Searching for the Bottom
Date: 2023-09-12 Author: Dima Zakharov Categories: BLOCKCHAIN, CRYPTO PAYMENTS
A Steady Descent in Worldcoin's Value
Since July 25th, the value of Worldcoin (WLD) has been on a continuous downward trajectory, fitting neatly into a correction pattern. After rebounding from a support level on September 5th, WLD experienced a partial recovery but failed to break through the resistance line, resuming its decline.
Understanding Worldcoin: A Comprehensive Project Overview
Worldcoin (WLD) Hits an All-Time Low
The downward trend for WLD, which started on July 24th, has taken the shape of a descending parallel channel. The price repeatedly tested both the resistance and support lines.
On September 7th, Worldcoin's value once again approached the resistance line of the channel. Failing to breach this critical level (indicated by the red marker), WLD resumed its descent, a trend that continues to this day.
Bearish Signals Intensify
The six-hour Relative Strength Index (RSI) also provides bearish signals, reinforcing the pessimistic outlook. Traders use RSI to assess whether the market is overbought or oversold.
When RSI is above 50 and rising, bulls maintain control. However, if the indicator drops below 50 and turns downwards, bears dominate. Currently, RSI is below 50 and declining, indicating a bearish trend.
Additionally, the indicator broke below the ascending support line (green line), signifying the end of the previous rebound and the start of a new downtrend.
If the downward momentum continues, the price could drop by another 15%, reaching the channel's support line at $0.87. Nevertheless, if WLD manages to reclaim the channel's median line, it may have a 21% growth potential. However, at present, this scenario appears unlikely.
Experts have previously shared their opinions with BeInCrypto about whether it's worth investing in Worldcoin (WLD).
