Worldcoin Price Rebounds After Recent Decline
Date: 2023-09-19 Author: Dima Zakharov Categories: BLOCKCHAIN, IN WORLD
Recovery from the Abyss
Since July 24th, the price of WLD had been steadily declining within a descending parallel channel, with both upper and lower boundaries repeatedly confirmed. Such channels are considered correction patterns, often signaling an eventual breakout.
However, on September 7th, Worldcoin's price failed to breach the channel's resistance line (highlighted in red on the chart), setting the stage for a downward trend that led to the historic low.
Nevertheless, since then, the price of Worldcoin has surged, breaking out of the correction pattern on September 15th and reaching $1.72 the following day, indicating the conclusion of the correction and the initiation of a new upward trend.
RSI Signals Bullish Sentiment
The six-hour Relative Strength Index (RSI) supports further growth, with the indicator positioned above the 50-mark and showing an upward trajectory, reflecting the market participants' bullish sentiment.
What's Next?
If the upward momentum continues, the price could potentially increase by another 50%, reaching the resistance area at $2.10. However, if momentum is lost, a 25% drop to the channel's resistance line at $1.08 could be expected.
