đ Worldcoin (#WLD ) Price Hits 5-Month High, Bullish Breakout Coming?
Worldcoin (WLD) has seen a significant increase in October. Worldcoin (WLD) price rebounded from losses seen at the beginning of the month and hitting a two-month high.
The price surged by 67% in the past four weeks. It has returned to trade above $2, raising the hopes of another bullish impulse. This latest price action indicates that WLD may well push on further upwards in the coming days. At press time, WLDâs price was trading at $2.47, a 13% surge from the intra-day low.
đž WLD Breaks Long-Term Resistance
The WLD price finally broke through a critical long-term horizontal resistance level and spiked to $2.55. This is the tokenâs highest level since late July. Before this breakout, WLD had been trading in a range between $1.40 and $2.10 for more than eight weeks.
The recent rally started on September 6th when WLD touched its lowest price. Price then immediately started to rise, regaining the $1.45 support level.
The breakout in October above $2.10 may indicate the renewed investorsâ interest in the cryptocurrency. This can be caused by general market trends and expectations for new project developments.
As per the technical analysis, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate a buy signal for WLD. The RSI has crossed over 50. The MACD has given a buy signal with a crossing above the zero level. This means that the upward movement may be sustained in the short term.
đž Possible Resistance at $3
While WLDâs recent breakout is promising, the price may face resistance around the $3 mark, which aligns with previous highs. Analysts are watching this level closely, as it could determine whether WLD continues its upward movement or pulls back to retest lower support levels.
The $2.10 level that has been breached recently may serve as a new support level in the case of a price decline.
However, it is still feasible that the price may pull back a little while the long-term trend remains upward.
