The price of Worldcoin has surged past $6, sparking excitement among investors. However, some bullish traders are worried about a potential factor that could impact the coin’s future performance. Stay tuned for more updates on this developing story.
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Worldcoin bulls have reason to hope for an uptrend after the move past $6.188. The buying pressure remained weak and might need time to gather strength. Worldcoin [WLD] was a trending token on Monday, the 6th of May. It was likely not for popular reasons, with WLD’s trend attributed to allegations of financial misconduct, particularly concerning AI.
Nevertheless, there was a structural bullish shift. The momentum favored the bulls, but the volume indicator was uninspiring. With Bitcoin [BTC] also struggling to trend upward, WLD bulls could face a tough few weeks ahead.
The HTF demand zone saw a positive reaction. In mid-December 2023, the $3.72-$4.79 region formed a bearish order block on the 1-day timeframe. The February rally shifted this to a demand zone that was retested in mid-April after the extensive losses of recent months.
Worldcoin retraced into this former resistance zone, now demand, and bounced twice in the past month. However, the OBV was unable to climb past former local support. This indicated that, despite the price bounce, the buying pressure was minimal. On the other hand, the RSI on the 12-hour timeframe was strongly bullish with a reading of 61.48. The price also closed a session above the $6.188 lower high, shifting the structure bullishly.
Will the bulls keep the uptrend going? Large clusters of liquidation levels act as magnets to the price. AMBCrypto analyzed the liquidation levels heatmap and found that the $3.84-$4 region was the area with the greatest amount of liquidity. However, it was also pretty far away, sitting 35% lower than the current Worldcoin price of $5.91. To the north, the $6.6-$7.2 was also a liquidity pool that was closer to current Market prices but not as deep. Therefore, we may see another deep retracement to collect the liquidity around the $3.8 zone.
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1. What caused Worldcoin to soar past $6?
Worldcoin’s price surged past $6 due to increased demand and positive Market sentiment.
2. What are bulls concerned about regarding Worldcoin’s price increase?
Bulls are concerned about a potential Market correction or price retracement after the rapid rise in value.
3. Is Worldcoin a good investment opportunity at its current price?
Investors should carefully consider their own risk tolerance and Market research before deciding to invest in Worldcoin at its current price.
4. How can I stay updated on the latest news and developments in the Worldcoin Market?
You can follow reliable financial news sources or join cryptocurrency forums and communities to stay informed about Worldcoin and other cryptocurrencies.
5. What factors could potentially impact Worldcoin’s price in the future?
Factors such as Market trends, regulatory changes, and developments in the cryptocurrency industry could all influence Worldcoin’s price in the future.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Dakhi Tarberg