The post Worldcoin Tests Key Support at $1.54 Amid Bearish Trends: Potential for Recovery? appeared on BitcoinEthereumNews.com.

The recent downturn for Worldcoin brings its price to $1.85, closely approaching a critical support level at $1.54 as market dynamics evolve. The cryptocurrency’s decline is marked by substantial trading activity, with a notable volume of $434 million within the last 24 hours, even amid bearish trends. According to COINOTAG, “Worldcoin’s price trajectory remains subdued below the descending trendline, prompting scrutiny over its immediate recovery prospects.” Worldcoin’s price has dropped to $1.85, approaching crucial support at $1.54 as trading volume surges amidst challenging market conditions. Key levels to watch in Worldcoin’s downtrend As Worldcoin navigates its current bearish phase, traders should monitor essential resistance levels that may signal potential price recovery. The Fibonacci retracement levels stand at $2.02 (0.236), $2.58 (0.382), and $2.88 (0.5). These points are anticipated to act as significant hurdles for any rebound efforts in the near term. Additionally, the Fair Value Gap (FVG), seen between $3.00 and $3.50, represents a more distant target in the context of the current downtrend. Source: TradingView The Bollinger Bands (20) analysis indicates a contraction in volatility, with Worldcoin’s price nearing the lower band at $1.8074. This movement suggests potential oversold market conditions, while the middle band at $2.1860 remains a crucial resistance point for prospective recoveries. Market sentiment and indicators The market sentiment surrounding Worldcoin is reflected in various technical indicators. The Directional Movement Index (DMI) suggests a weakening bullish momentum, as shown by the +DI at 14.93 falling below the -DI at 16.41, complemented by an ADX value of 23.65 indicating a mild bearish trend. Should the ADX rise past 25, this could signify intensified selling pressure in the near future. As for the Relative Strength Index (RSI), it currently stands at 38.28, positioning below the neutral threshold of 50 and indicating prevailing bearish sentiment. A decline nearer to…

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Filed under: News - @ January 22, 2025 2:28 am