Worldcoin drops 10.96% to $1.85, but is a rebound near?
The post Worldcoin drops 10.96% to $1.85, but is a rebound near? appeared on BitcoinEthereumNews.com.
Worldcoin neared its critical $1.54 support as large transactions sparked renewed market interest. Bearish indicators dominated for Worldcoin, with the RSI at 38 and ADX showing mild trend strength. Worldcoin [WLD] traded at $1.85 at press time, experiencing a -10.96% decline in the past 24 hours, per Coingecko. Its 24-hour trading volume was $434,172,556, reflecting active participation despite the ongoing downward trend. The price remained in a clear downtrend, forming lower highs and lower lows while staying below a descending trendline. The next key support level lay near $1.54, where sell-side liquidity was concentrated, making it a critical level to monitor. Key levels to watch in Worldcoin’s downtrend Technical indicators highlighted key resistance levels for potential price recovery. The Fibonacci retracement levels included $2.02 (0.236), $2.58 (0.382), and $2.88 (0.5), which could act as obstacles during any price rebounds. The Fair Value Gap (FVG) between $3.00 and $3.50 is seen as a distant target in the current bearish environment. Source: TradingView The Bollinger Bands (20) showed contracting volatility, with the price nearing the lower band at $1.8074, suggesting potential oversold conditions. The middle band at $2.1860 served as a significant resistance point should the price attempt a recovery. Market sentiment and indicators The Directional Movement Index (DMI) showed weakening bullish momentum, with the +DI (14.93) below the -DI (16.41) and an ADX value of 23.65, indicating a mild bearish trend. A rise in the ADX above 25 could signal stronger selling pressure in the near term. Source: TradingView The Relative Strength Index (RSI) was 38.28 at press time, which was below the neutral level of 50, reflecting bearish sentiment. If the RSI falls closer to 30, it could indicate oversold conditions and a possible rebound opportunity for buyers. Large transactions and address activity Data from IntoTheBlock revealed fluctuations in large…
Filed under: News - @ January 22, 2025 3:21 am