The post Worldcoin sees continued bearish pressure – Can bulls save WLD? appeared on BitcoinEthereumNews.com.

While the recent increase in volume and Open Interest showed a slight bullish edge, the broader market sentiment remained bearish. Traders should watch the $1.7 resistance closely, as a break above this level could signal a stronger recovery. As the Crypto Fear & Greed Index showed a bearish sentiment at the time of writing, Worldcoin [WLD] continued its long-term downtrend and fell below key support levels on its daily chart. However, a few triggers can provoke a short-term recovery. WLD traded at around $1.63 at press time, up nearly 10% in the last 24 hours. Worldcoin bears continue to exert pressure Source: TradingView, WLD/USDT The ongoing downtrend put WLD below all major EMAs toward its 11-month low, with the 20-day EMA at $1.67, the 50-day EMA at $2.08, and the 200-day EMA at $3.42. These levels now serve as significant resistance points for any potential recovery. The current price action suggests that WLD is struggling to break above the 20-day EMA, which could be crucial for a sustained recovery. The downward-sloping EMAs indicate that the sellers are still in control, and any bounce from current levels could face strong resistance. For the bulls to gain control, WLD must close above the 20-day EMA and sustain this level. The recent increase in volume and Open Interest suggested that there was potential for a bounce, but the broader market sentiment still favored the bears.  The RSI hovered below the 50-mark and showed a slight bearish edge at the time of writing. Buyers should look for a potential close above equilibrium to gauge the chances of an immediate recovery. Key levels to watch The immediate resistance is at the 20-day EMA ($1.67). If WLD can break and hold above this level, the next target would be the 50-day EMA at $2.08, followed by…

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Filed under: News - @ August 23, 2024 6:20 am