Crypto News– The price of Worldcoin (WLD token) has been following a corrective pattern ever since its debut on July 25, steadily declining until it reached a low point of $1.02 on September 5.
Worldcoin Price Surges Thanks to 10,000 New Users Joining in 24 Hours
Nevertheless, starting from September 5, there has been a noteworthy resurgence in the price, marking a substantial uptick of approximately 25%. This resurgence suggests the possibility of an imminent breakout in the near future.
Since its initial debut on July 24, the price of WLD token has been tracing a persistent downward trajectory, firmly ensconced within the boundaries of a descending parallel channel. Such channels are typically areas where corrective price movements find containment, making an eventual breakout from this channel the most likely prospective price scenario.
Notably, on September 5, the price recorded a historic low point at $1.02, swiftly followed by a robust rebound. This sudden resurgence could plausibly be attributed to the news of Worldcoin’s extraordinary feat in signing up 10,000 new Argentinian users within a mere 24-hour period. Presently, the price is positioned within the upper echelons of the channel, amplifying the anticipation of an impending breakout. Adding weight to this expectation is the six-hour Relative Strength Index (RSI), a favored momentum indicator employed by traders to gauge whether a market is either overbought or oversold. The RSI currently resides above the pivotal 50 threshold and is on an upward trajectory, collectively signaling a bullish sentiment.
In the event of a confirmed breakout, the WLD price may conceivably experience a remarkable surge of up to 65%, potentially reaching the $2.10 horizontal resistance level. Conversely, should the rally lose steam, there exists the possibility of WLD retracing towards the enduring support line within the long-term channel, currently resting at $0.75. Such a descent would represent a substantial 40% decline, culminating in a fresh all-time low price point.