WLD Bulls Outnumber the Bears Inside Pennant Pattern, Will it Breakout?

  • Worldcoin crashed from $3.3115 and traders between $2.00 and $2.4 through the rest of the week.
  • WLD takes the formation of a bearish pennant that is on the verge of completion, it will break out soon.
  • EFI indicators show bulls gaining as the bear’s powers seem to fade away.

The chart below shows the behavior of Worldcoin (WLD) for the past seven days. When the whole scenario is put in perspective, it can be seen that WLD has been moving sideways except for the first day when it took a deep fall.

In particular, WLD opened the market at $2.3982 when trading started for the past week. The token gained value and reached its maximum value of $3.3115 for the week on the same day. However, after reaching its maximum value WLD was infested by the bears who crashed the price to the lowest of $1.9152 on the first day itself.  

WLD/USDT 1-Week Chart (Source: CoinMarketCap)
WLD/USDT 1-Week Chart (Source: CoinMarketCap)

Since reaching its lowest value WLD has been fluctuating between $2.00 and $2.4 during the rest of the week. At press time, WLD is trading at $2.29 after shedding 3.84% of its price during the past 24 hours.

WLD/USDT 2-Hrs Chart (Source: TradingView)
WLD/USDT 2-Hrs Chart (Source: TradingView)

The chart above shows that WLD has been trading inside a bearish pennant during the past week. It has been making lower highs and higher lows while its fluctuation has been restricted. Since WLD seems to have almost completed forming the pennant, we could expect it to break out of the pennant at any given time. As such traders may need to take precautions.

WLD/USDT 2-Hrs Chart (Source: TradingView)
WLD/USDT 2-Hrs Chart (Source: TradingView)

As per the chart above, we could see that WLD is rising towards the Simple Moving Average (SMA) of the Bollinger band after touching the lower band. The consecutive formation of the green candlesticks may be an indication that the bulls are gaining power. As such, we may see WLD kiss the upper trend line before reverting. Moreover, the Elder Force Index which is at -3.44K, and heading in the positive direction shows that the bulls are gaining momentum.

If this is a conventional bearish pennant, we may see WLD reaching for support from Support 1 at $2.093. And if that support is broken, then WLD could reach for Support 2 at $1.966. However, if the sentiment of the bearish pennant is negated, then, WLD could reach Resistance 1 at  $2.448. And when Resistance 1 is broken, WLD could target Resistance 2 at $2.66.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

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