Worldcoin (WLD) Soars 270%, Correction to $6.8 Predicted
tl;dr
Worldcoin (WLD) has recorded impressive gains of 270% over the past two weeks. After the bulls broke through the resistance mark of $2.6, they shot up directly to $8. However, a correction could be imminent. Fibonacci retracements could play a role in the coming weeks.
Worldcoin: An Impressive Rally
Worldcoin [WLD] has recorded remarkable gains of 270% over the past two weeks. The $3.8 mark was expected as resistance, but when the WLD bulls broke through the $2.6 resistance, they did not stop at this resistance. Instead, buyers were able to rise directly above this resistance to the $8 mark. This suggests strong buying pressure and strong bullish conviction.
Fibonacci Retracements Could Play a Role
Based on the rally from $2.165 to $7.996, a series of Fibonacci retracement levels were drawn (pale yellow). It is assumed that the current rally has stopped at $8, but it is still possible that the price could rise higher despite the correction towards $6.8 in the last 24 hours. The 61.8% and 78.6% retracement levels were at the $4.392 and $3.413 marks. The current correction could likely fall to these regions.
Areas of Interest for Buyers
The 78.6% level is particularly interesting. At the end of December and the beginning of January, the WLD prices formed a range above the $3.34 support level. This region also marked a support zone (former bearish order block) where buyers would likely like to step in. It also coincided with a fair value gap (FVG, white box) in the $3.8 range. Therefore, the $3.3-$3.8 zone is an area of interest for buyers.
Short-Term Market Data Indicates Bearish Sentiment
Data from Coinalyze showed that open interest has stagnated over the last 24 hours. Prices have also dropped from $8 to $6.823 at the time of press. The slight decrease in OI along with the prices indicates a sentiment shift in favour of sellers.
Our Assessment
The current development at Worldcoin suggests a possible correction. The Fibonacci retracement levels and the short-term market data indicate a bearish sentiment. Nevertheless, the $3.3-$3.8 zone remains an interesting area for buyers. It remains to be seen how the market will develop in the coming weeks.
Sources: AMBCrypto, Coinalyze, TradingView.
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