Worldcoin (WLD) has experienced a rapid decline of nearly 10.50% in the past 24 hours, hovering near $5.13.
This drop follows critical analysis from DeFi^2 (@DefiSquared), a top trader on Bybit, expressing concerns about potential inflationary pressures and misleading marketing tied to Worldcoin.
The decline coincides with OpenAI's recent announcement of GPT-4o, a new advanced AI model.
Worldcoin had previously stabilized near $3.70 before a steady increase, breaking the 23.60% Fibonacci level but facing rejection at the 38.20% level.
Current trading shows WLD below the 20-50 and 100 Day Moving Averages, indicating a bearish trend.
The RSI has fallen below the 50 level, adding downward pressure on the token price.
A breakout has been confirmed, with a retest underway; a successful retest could lead to a significant bullish wave.
According to Coin Gabbar analysis, If bulls maintain trendline support around $4.80, upward momentum may commence, targeting resistance levels at $6.50 and $8.80.
Conversely, failure to sustain momentum could lead to a decline, with critical support levels at $4.20 and $3.70 according to Coin Gabbar analysis.
KEY LEVELS :
RESISTANCE LEVEL : $6.00-$7.00
SUPPORT LEVEL : $4.20-$3.00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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