Analyzing Worldcoin’s Potential: A Roadmap to $3.2 on Price Charts

Within the past 24 hours, Worldcoin [WLD] has surged by 10.81% on the price charts, reaching a trading value of $2.041 at the current moment. Nonetheless, the ongoing rally of WLD might face a hurdle at a resistance level slightly higher than its current price, potentially restricting further advancements in its value.

Encountering a Possible Obstacle in WLD’s Rally

Initially, WLD appeared to be headed towards $3.2 following its breakout from a descending trading pattern and the formation of a higher peak. However, it has encountered challenges in establishing a new high to confirm its upward trajectory on the charts.

Currently, WLD has entered a significant demand zone and appears to be shaping a new high. Yet, it must surpass the resistance level at $2.182, which marks its previous breakout peak.

If WLD manages to breach this resistance, buyers are likely to dominate the market dynamics, propelling the price towards the top of the descending line before a potential reevaluation of pricing levels.

On the flip side, if WLD falls below the demand zone and breaches the lower boundary at $1.513, a notable price drop could be anticipated.

Despite these obstacles, market sentiment analysis conducted by CryptoCrypto indicates a bullish outlook, supporting the potential for an upward trend.

Robust Liquidity Inflows and Bullish Momentum to Drive WLD

Currently, market sentiment towards WLD is notably bullish, driven by substantial liquidity influx and positive momentum signals.

For instance, the Chaikin Money Flow (CMF), which monitors the money flow into and out of an asset to gauge trading activity, highlighted a significant buying interest in WLD.

This buying trend was confirmed by the upward trajectory of the CMF, close to breaching the crucial 0.0 threshold, indicating heightened buying momentum.

Furthermore, the Relative Strength Index (RSI), which assesses the speed and magnitude of price changes, indicated an upward trend, suggesting strong buying pressure which aligns with projections of upward price movement, spurred by an increase in demand.

Decrease in Selling Activity as Short Traders Encounter Market Losses

Recent market activity witnessed a notable volume of liquidations, with traders who speculated on a decline in WLD incurring significant losses as the market trended against them.

At present, WLD liquidations amount to $1.99 million, with $1.62 million originating from short positions, underscoring a prevailing bullish sentiment in the market.

Data from IntoTheBlock also revealed a decline in active WLD addresses, reflecting the recent short liquidation events that impacted traders betting against the market.

If these ongoing patterns continue, there is an increased probability for WLD to surpass its current resistances and advance towards higher price levels.