As a seasoned crypto investor with a knack for spotting trends and a portfolio that’s seen its fair share of bull runs and bear markets, I can’t help but feel a sense of excitement when Worldcoin (WLD) is on the rise. The recent surge to a 4-month high is a promising sign, especially considering the cryptocurrency’s tumultuous journey since its all-time high.
In the past week, Worldcoin (WLD) experienced an almost 40% increase, momentarily touching the $3 threshold. This digital currency reached its highest point in four months as it approached the upper limit of a prolonged price range. The coin’s recent momentum has sparked investor enthusiasm about a potential breakthrough, potentially propelling the token to unprecedented heights.
Worldcoin Hits 4-Month High
Worldcoin has experienced a significant drop since reaching its record peak of $11.74, falling approximately 75% from its March high. During the third quarter, the cryptocurrency also lost the $3 support level and plummeted below the $2 mark following “Black Monday” in August.
Over the past few months, I’ve noticed that Worldcoin (WLD) has fluctuated within a range of $1.3 to $3.2. Specifically, it’s been holding steady below the $2.5 mark. However, following the post-election rally in November, there was a significant surge in Worldcoin, with its price increasing approximately 75% over a three-week period and reclaiming the $2 zone.
This past week, the push in the cryptocurrency’s value surpassed the $2.5 barrier of resistance – a significant level not breached in the preceding three months. Subsequently, this level served as a newfound support over the ensuing days.
Additionally, the token experienced a 23% increase during the day, reaching its highest point in four months on November 28 as it briefly went over the $3 threshold.
Crypto analyst Yuriy suggested that a “big move” is coming for the cryptocurrency. The analyst noted that WLD’s open interest (OI) has significantly surged this month, rising 135% since election day.
Based on data from Coinglass, Worldcoin’s Open Interest (OI) surged from $184 million to an impressive $433 million over a three-week period. This marks one of its second-largest single-day increases, which occurred on Wednesday. Furthermore, the cryptocurrency has experienced a 9.65% growth in the last 24 hours and a significant 12% rise during the past hour. This activity suggests growing trust and interest among investors in Worldcoin.
As a researcher, I’ve noticed that the trajectory of cryptocurrency could potentially mirror Cardano (ADA) which has recently reached a two-year high in price. After an increase in Open Interest (OI), the token managed to bounce back from its 75% drop and break free from its prolonged consolidation phase, regaining the much-anticipated $1 mark.
WLD’s Breakout To Target $3.5
The expert noted that, following the latest fluctuations in WLD’s price, the $2.8 point is an essential benchmark to verify, as it previously functioned as a robust resistance level during the current month. Maintaining above this level could potentially boost the token’s value towards the next objective.
As an analyst, I’m observing that the token is approaching a potential breakout from its 4-month price range. This development might propel the token towards the near-term price target of around $3.5. Notably, the $3.5 level represents the next significant resistance for Worldcoin. If we see a breakout at this point, it could drive the price back towards its previous high of $11.
From my analysis, as I’m typing this, Worldcoin is trading above $2.90. Over the past month, it has experienced a significant surge of 31%. Furthermore, there’s been a notable increase in daily activity, with a 42% jump. This heightened interest has resulted in a substantial trading volume of approximately $1.67 billion within the last 24 hours.
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2024-11-30 15:04