Worldcoin (WLD) price has surged recently, driven by the ongoing altseason. Analysts point to bullish patterns in its movements, supported by strong technical indicators and rising trading volume. These factors suggest that Worldcoin Price may be positioned for continued upward momentum in the coming days.

Altseason Fuels Momentum In Worldcoin Price

The ongoing altseason has created a favorable environment for the Worldcoin price rally, as reflected in its 20% surge. The price recently rebounded from a local bottom of $2.25 and has now reached $2.90. Analysts believe this increase reflects growing interest in altcoins as market conditions improve.

During this phase, altcoins experience increased investor interest and capital inflow, often outperforming Bitcoin. Analysts attribute this to a broader market breakout highlighted in a shared chart showing the total altcoin market capitalization excluding Bitcoin. The chart reveals a confirmed breakout above long-term resistance, signaling the start of a bullish phase for altcoins, including Worldcoin.

Source: X

The analyst’s chart showcases a clear breakout from a prolonged consolidation pattern, supported by rising trading volumes across the altcoin market. Historically, such breakouts in altseason have marked the beginning of altcoins rallies. This cycle appears no different, with Worldcoin demonstrating strong alignment with the broader market trend.

Similarly, the rise in Worldcoin price is further supported by a Cup and Handle pattern, which suggests a bullish continuation. As altcoins gain momentum during this altseason, Worldcoin has emerged as a key player in the market’s resurgence.

Cup and Handle Pattern Signals Breakout Potential

Technical analysis identifies a clear Cup and Handle pattern on the Worldcoin price chart. This bullish structure features a rounded U-shaped “cup” followed by a smaller consolidation “handle,” indicative of accumulation and preparation for a breakout.

According to the analysis, the breakout point for Worldcoin price lies between $2.60 and $2.65. Crossing this resistance level could trigger a strong upward trend, with projected targets at $11.97 and $20.04. In a highly optimistic scenario, analysts forecast a potential price spike to $40.24.

Source: X

Additionally, the current market structure identifies $1.70 as a strong support level for WLD price. Resistance levels include $2.60 at the breakout handle and $4.78, a previous price high. These levels will be crucial in determining the coin’s short-term trajectory.

Trading volume trends show increasing buyer interest as WLD approaches the $2.60 resistance level. Adding to the bullish outlook, the crypto surged 28% as its ID verification services expanded to over 40 countries, including Costa Rica, Poland, and Austria. 

The WLD price has surged by 21% in the past 24 hours, reaching $2.98 from a prior level of $2.45. Its market capitalization has increased by 22% to $2.10 billion, with trading volume soaring by 119% to $1 billion. These gains reflect growing momentum during the ongoing altseason.

The post Why Is The Worldcoin Price Up 20% Today, Rally To Continue? appeared first on CoinGape.

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Filed under: News - @ November 28, 2024 7:24 pm