– Worldcoin price is down 23% since the Monday peak of $7.9960.
– WLD could extend the fall 9% to the key Fibonacci retracement level, 61.8% at $5.7330.
– Invalidation of the bearish thesis will occur if the AI token clears the range high to create a new local top.
Worldcoin (
WLD) price recorded a striking rise between February 5 and 19, recording a new all-time high since its debut in the market in August last year.The latest surge comes on the back of the AI crypto narrative, but as this theme fades, the ‘buy the rumor sell the news’ situation continues to play out for the AI token.
Also Read:
Worldcoin price crashes 10% as AI narrative fades
Worldcoin price extends fall
After a 10% dip on Tuesday, Worldcoin price continues to extend the fall, and could likely retrace the most important Fibonacci level of 61.8% at $5.7330, 9% below current levels.In a dire case, the load-shedding exercise could send WLD price to the 50% Fibonacci retracement level.
For the predominant bullish outlook to be invalidated, however, the Worldcoin price must extend the fall to breach the supply zone turned bullish breaker between $3.7280 and $4.2160.Confirmation will be seen in a decisive candlestick close below the midline of the order block at $3.9760.
The Relative Strength Index (RSI) is almost executing a sell signal, which would be confirmed once the RSI crosses below its signal line (yellow band).In the same way, the Moving Average Convergence Divergence (MACD) histogram bars are losing their green shade, accentuating the bearish supposition.
WLD/USDT 1-day chart
On the other hand, if the bulls increase their buying pressure, the
Worldcoin price could push north, potentially recovering all the ground lost during the Tuesday and Wednesday sessions, potentially flipping the 78.6% Fibonacci back to support.In a highly bullish case, the AI crypto coin could clear the range high of $7.9960 before creating a new local top.
Join Telegram
Follow Content
Editors’ Picks
APE price nosedives nearly 9% while ApeCoin community votes on three active proposals
ApeCoin community is currently voting on three proposals to increase the adoption of the asset among market participants through higher engagement.APE’s recent token unlock and the active proposals could influence APE price in the coming weeks and months.
More APE News
USDC stablecoin issuer Circle ends support on TRON due to compliance, risk management issues
Circle announced plans to discontinue USDC on the TRON blockchain in a phased manner.
USDC issuer will no longer mint the stablecoin on TRON, effective Wednesday.
Circle stated that its decision is a part of risk management and USDC will remain safe with the change.
More Cryptocurrencies News
Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche
Uniswap v2 enables swaps on six chains and users can access it from a single interface.UNI price declined nearly 4% on Wednesday to $7.309.UNI price could revisit 2024’s peak at $7.972 as on-chain metrics support uptrend.
More Cryptocurrencies News
Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55
Ripple CEO Brad Garlingouse commented on the SEC v.Ripple lawsuit and a potential XRP ETF.
The payment remittance firm recently acquired Standard Custody to venture into the crypto custodian business.
More Ripple News
Bitcoin: BTC eyes $60,000 but correction looms
weekly-forecast-btc-eyes-60-000-but-correction-looms-202402160953
BTC has been moving up only since January 22 but could slip into a consolidation before the next leg up.With the rate at which BTC is climbing after the ETF approval, coupled with strong fundamentals, investors should consider buying the dips before BTC hits $60,000.
Read full analysis.
