Crypto News– The Worldcoin price has increased since falling to a new all-time low price on September 12. The recent price surge marked a breakout from a 53-day descending parallel channel, signifying a comprehensive correction phase. Since July 24, Worldcoin’s price has been confined within a descending parallel channel, with the upper resistance and lower support lines repeatedly validated. These channels are typically associated with corrective patterns, often culminating in a breakdown.
Worldcoin Price Stages Impressive Comeback Following Historic Lows
In more recent developments, on September 7, Worldcoin’s price encountered resistance at the channel’s upper boundary (indicated by the red icon). This event triggered a subsequent downtrend, eventually leading to an all-time low of $1.02 on September 12.
Nevertheless, Worldcoin’s price has since rebounded and successfully breached the channel’s confines on September 15. This breakout signifies the completion of the correction phase and the initiation of a new upward trajectory. WLD achieved a peak of $1.72 the following day and, despite some retracement, continues to trade comfortably above its breakout level.
Supporting this ongoing upswing is the six-hour Relative Strength Index (RSI), which serves as a valuable momentum indicator for assessing market conditions. Traders rely on the RSI to determine overbought or oversold market conditions, aiding in their decision-making process regarding asset accumulation or liquidation.
With the RSI currently above 50 and trending upwards, it signals that bullish sentiment prevails in the Worldcoin price prediction.
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