– Worldcoin price has breached the lower limit of the $3.62 to $4.61 range.
– If WLD recovers above this level with a market structure shift, it could result in a 15% recovery rally.
– On the other hand, rejection at $3.62 could trigger a 15% correction towards $3.00.
Worldcoin (WLD) price has
shed 26% in just two days, sending WLD down from an all-time high of $4.79 to $3.51, where it currently trades.Going forward, one of two things are likely to happen – a recovery bounce or a continuation of the downtrend.Both scenarios are contingent on one key level.
Also read:
Worldcoin price nears all-time highs, what WLD holders should anticipate
Worldcoin price needs to make a decision
Worldcoin price created a range, extending from $3.62 to $4.61 on December 16 and 17.After sweeping the range high, WLD set an all-time high of $4.79.
But the bullish momentum failed to sustain and was followed by profit-taking, which triggered a 26% correction that has effectively swept the range low at $3.62.
Now, Worldcoin price has two options – recover above the range low and produce a higher high above $3.81.
This move would create a bullish market structure shift (MSS) and give sidelined buyers a signal to step in.Trades can enter long positions on the pullback that follows the MSS.is likely going to retest the midpoint of the aforementioned range at $4.11, constituting a 15% move from the current level.
If WLD is truly done with its uptrend, then the recovery bounce should start showing signs of slowing down at $4.11.
If not, the Worldcoin price could likely sweep the range high at $4.61 and also target to set a new all-time high, potentially at the $5 psychological level.
Read more:
Worldcoin price bullish outlook abounds as WLD commits to robustness, expansion and neutrality
WLD/USDT 1-hour chart
On the other hand, if Worldcoin price fails to recover above $3.62, it would indicate that the buyers are done and capital has rotated to a different
altcoin.In such a case, traders can enter a short position around $3.62 and expect WLD to slide down by 15% to retest the $3 psychological level.
In some cases, Worldcoin price could crash lower and tag the $2.73 support level, which was a key resistance barrier for nearly three weeks between November 25 and December 16.
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