- Worldcoin was trading in a bullish environment with market activity increasing buying pressure.
- The impending formation of a golden cross along with supportive market indicators further strengthens the outlook.
With a gain of 31.74% over the past month, Worldcoin (WLD) is well-positioned to continue its upward trend.
The recent 0.35% gain is consistent with the fundamentals of a symmetrical bullish pattern, setting the stage for a potential breakout and significant upward move.
WLD is preparing for big changes.
On the 4-hour chart, Worldcoin was trading within a symmetrical triangle at press time and has recently rebounded from the channel’s support zone, heading towards a potential breakout.
If momentum is strong enough, the first target after WLD’s resistance breakout will be the near-term target of $2.650.
If the bullish momentum is maintained with continued push, the price could reach the long-term target of $3.260.
Source: TradingView
However, if the channel’s resistance holds firm, WLD may experience some downside before attempting another breakout, or face a downtrend as seen in the last three attempts at this level.
As detailed below by AMBCrypto, market sentiment supports this outlook.
WLD’s bullish change
The number of long positions being opened on WLD has been steadily increasing, indicating that previously bearish traders are turning bullish.
This change resulted in a slight increase in price by 0.99%, increasing open interest to $250.64 million.
According to Coinglass, this gradual rise suggests that the price of WLD could follow a similar upward trend.
Further supporting this outlook, AMBCrypto also found that its funding rate is currently gaining traction at 0.0109%.
A positive funding rate, where long positions pay off short positions, is a sign of increasing demand for long trades and sets the stage for a potential rally.
Source: Coinglass
A golden cross suggests upside potential.
WLD was approaching a key bullish indicator with a golden cross pattern formed at press time, with the blue MACD line crossing above the orange signal line at 0.019 and 0.020 respectively.
Read Worldcoin (WLD) price prediction for 2024-2025
This crossover suggests that WLD could gain further upward momentum.
Source: Trading View
The recent weakening bearish momentum suggests a change, and the green momentum bar is likely to rise once the golden cross is completed. This will allow WLD to make significant profits beyond its current levels.