This caused a huge rush in the market. Although market participants once thought that the token could reach $3 without any bearish intervention, the token then started to correct in a narrow range. However, the price has now entered the bullish zone, so the new uptrend is expected to push the WLD price up by another 50% in the next few days.
Over the past few days, buyers have been trying to defend the local support level of $2, which shows that they are wary of the current price trend. Although the recovery has not confirmed a new uptrend, the current trading setup suggests that the upcoming breakout could be a major one. Now that the market dynamics are shifting in favor of buyers, will WLD reach $3 before the end of the month?
The previous Gaussian channel remained in a downtrend, but the price entered the channel from the bottom and broke the upper channel. This means that there is a potential reversal zone, so if the channel turns green, this could confirm the reversal. Therefore, the WLD price should maintain the correction above the channel until the buyers trigger the next uptrend. However, the main point of attention is the relative strength index RSI, it has failed to enter the overbought zone.
WLD price has experienced a sharp increase in trading volume over the past week, which shows that market participants are keeping a close eye on the current price trend and are expected to intervene at the right time. The initial resistance level of WLD price is around $2,443, which needs to be broken through during the weekend. Only then can this move help WLD price reach $3 in the first few days of the fourth quarter; otherwise, the sideways correction may last for a long time.
