Worldcoin (WLD) has experienced a significant price drop, shedding over 34% in just three weeks. Technical indicators point towards continued downward movement, with the lack of buying volume and persistent selling pressure raising concerns for investors. The next support zone to watch is $1.4, which could potentially trigger a recovery.
The defense of $1.6 and a reversal in the selling trend on the OBV would be early signals of bullishness, but not this time.has shed 34% in just over three weeks after the buyers enforced a bullish market structure break on the daily in the first week of January. Worldcoin has retraced almost all the way to the 100% retracement level at $1.589. In recent weeks, the bulls’ inability to defend the $2.14 support level was indicative of a drop toward $1.59.
The lack of buying volume meant further losses could be expected. The next support zone to watch was $1.4, which was where a recovery began from in September 2024.The defense of $1.6 and a reversal in the selling trend on the OBV would be early signals of bullishness – but at press time, this outcome appeared unlikely.The short-term sentiment was strongly bearish. The swift move downward on Monday the 27th of January saw a flurry of long liquidations.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
Worldcoin WLD Cryptocurrency Price Technical Analysis Bearish Sentiment
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