Trend Overview:
Medium-Term Trend: The medium-term movement of WLD/USDT shows a stabilization phase above the 200 SMA. The sustained position above this average hints at a strengthening bullish sentiment.
Short-Term Trend: The price has been attempting to break past the horizontal resistance zone around $2.30–$2.50, showcasing a potential trend reversal from the earlier downtrend.
Key Indicators:
Relative Strength Index (RSI):
Current RSI is at 55.62, indicating neutral conditions with room for upward movement before reaching overbought levels. The RSI suggests that the momentum is building up but still within a safe zone.
Moving Average Convergence Divergence (MACD):
The MACD line is crossing above the signal line, with a positive histogram indicating early bullish momentum. However, the MACD readings are yet to show a strong upward divergence.
Volume Analysis:
Volume at 19.504M supports the current bullish breakout attempts. However, a continuation in volume is necessary to sustain the breakout above $2.50.
Support and Resistance Levels:
Support Levels:
$2.10: Dynamic support aligned with the 200 SMA, providing a strong base for the current trend.
$1.90: Previous consolidation zone, offering robust psychological and technical support.
Resistance Levels:
$2.50: Immediate resistance where sellers are likely to defend aggressively.
$2.80–$3.00: Next major resistance zone that aligns with prior price peaks.
Potential Chart Patterns:
The chart indicates the possibility of a double-bottom pattern around $2.10, suggesting a potential trend reversal.
Breakout above $2.50 may lead to a bullish continuation pattern, targeting higher levels such as $2.80 or beyond.
WLD/USDT is showing early signs of bullish recovery with strong support around $2.10. However, confirmation of a sustained uptrend depends on breaking and holding above $2.50. Investors should monitor volume levels and the $2.50 resistance for the next potential move.