In the last few days, whenever we look at the top crypto gainers list, usually some AI crypto is on top of it. And today, we have another pump leading the rally – Worldcoin’s WLD. The WLD price pumped over 15% today which means the coin is now trading above $2 for the first time since late July.
The Unlock Schedule Dilemma
Despite this recent pump, there’s a reason to be cautious about WLD as a buy. The massive token unlock schedule planned for the next four years could put significant pressure on the price:
Start Date: The unlocking process will begin on July 24, 2024.
Daily Unlock Amount: 2 million WLD tokens will be unlocked daily, reduced from the initially planned 3.3 million tokens per day.
Duration: The unlock schedule will extend over four years, concluding in July 2028. This change means that approximately 80% of WLD tokens held by team members and investors will now be accessible gradually rather than over a shorter period.
Worldcoin (WLD) Price Analysis
A few days ago, World of Charts analyst posted a viral WLD chart that’s been making waves in the crypto community. Let’s break down what this chart suggests:
WLD’s price chart shows an impressive rally in early 2024, surging to about $9 before entering a downtrend. After peaking in March/April, the price started a steady decline, creating multiple lower highs and lower lows. This downtrend continued through the summer, with the WLD price hitting support levels around $1.25.
Interestingly, the Worldcoin chart reveals a bullish divergence forming between the price action and the RSI indicator. While the price kept making lower lows, the RSI began making higher lows. This often signals that selling momentum is weakening and a potential reversal might be on the horizon.
Source: X/WorldOfCharts1
At the time the WLD chart was posted two days ago, the price had broken out of a falling wedge, so bullish breakout is definitely ongoing. The price was hovering around $1.52, a critical level marking WLD’s first attempt to reclaim higher ground.
Based on the measured move approach often used for wedge patterns, the chart sets an ambitious price target of around $6.88. This represents a whopping 285% increase from the breakout level. The RSI was also shown near oversold territory, supporting the bullish thesis, as oversold conditions frequently precede price trend reversals.
Fast forward to today, and we’re seeing some of these predictions play out. WLD has already pumped 15%, with the current price trading around $2.11. This suggests that the breakout from the falling wedge is gaining momentum as buyers push the price higher.
Looking ahead, key resistance levels to watch include $2.50 and $3.00, which might act as psychological barriers. If WLD continues its upward trajectory, the next target could be in the $4.00-$5.00 range, with the ultimate goal set at the chart’s suggested price target of $6.88.
Read also: Is Bittensor’s TAO The ‘Biggest’ Bet In Crypto? Analyst Explains Why This AI Coin is Evolving Into Something Bigger
If You Don’t Want to Buy WLD, What’s the Best Alternative? section
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The post Why is Worldcoin (WLD) Price Up? This Crypto Trader Eyes 285% Pump appeared first on CaptainAltcoin.
