The cryptocurrency market experienced renewed supply pressure this week as the leading digital asset, Bitcoin, plunged below $60000. This breakdown signalled the continuation of a correction trend for most of the major altcoins.
Defying the bearish influence, the Worldcoin managed to stabilize above 2.13% and showed a 4% to challenge overhead resistances. Let’s find out if the WLD price prediction could surpass $3 this month.
Worldcoin Price Performance
Amid the June correction, the Worldcoin price witnessed a steady downtrend, as evidenced by the downsloping trendline. The bearish turnaround tumbled the asset from a $5.13 high to a $2.14 low, registering a 58.3% drop.
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However, with the momentum indicators dropped to an oversold region, the WLD price witnessed fresh demand pressure at $2.135. This multi-month support uplifted the altcoin 10.5% to trade at $2.36, while the market cap jumped to $619.9 Million.
If bullish momentum persists, the WLD price will increase another 4% to challenge the overhead trendline. This dynamic resistance intact since June 10th is maintaining the sell-on-rallies sentiment among market participants.
Thus, a breakout from this resistance will signal an early sign of trend reversal.
Technical Indicator:
RSI: The notable higher low formations in the 4-hour RSI slope indicate the rising demand pressure at $2.36 support. This bullish divergence bolsters the potential if a trendline breakout and a new recovery cycle.
EMA: The 50-day EMA coinciding close with the falling trendline provides an additional barrier against WLD price. The altcoin trading below the daily EMAs (20. 50, 100, and 200) indicates the path to least resistance is down.
Will WLD Price Make A Leap To $4?
A potential breakout from the downsloping trendline will provide buyers with suitable support to reclaim higher ground. With sustained buying, the WLD price shows challenge overhead resistance of $2.87, followed by $3.2 and $4.4.
On a contrary note, the Worlcoin may prolong its correction trend until the declining trend is intact.
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