Bullish Flag Pattern Sets Worldcoin Price Rally To $12

The formation of a bullish flag pattern hints the buyers take a minor pullback before an aggressive up rally. Amid the current mark correction trend, the Worldcoin price witnessed an immediate reversal from the high of $11.97. Within two weeks, the WLD value tumbled 31% to currently trade at $8.25, and the market cap plunged to $1.28 Billion. As Bitcoin price is yet to show a sustainable rebound, the altcoins are at risk of further downfall.

Also Read: Worldcoin Doubles Down on Data Privacy With Personal Custody Tool

Will WLD Price Lose $6 Support?

Analyzing the daily chart shows, that the Worldcoin price resonates within two parallel trendlines resembling the formation of a channel or flag. While the prevailing trend was strong and bullish this pattern provides a minor correction for buyers to recuperate strength.

Adding to the bullish note, Worldcoin has announced the implementation of a new feature known as Personal Custody, marking a significant step in its user data security protocols. 

This novel approach encompasses four distinct components: a dedicated device, the proprietary orb, a specialized data package that includes images, and a temporary backend storage solution for transit purposes.

The effect on WLD’s price will hinge on market reception and the perceived value of robust security measures in the cryptocurrency community. With an intraday gain of $1.2, the Worldcoin trades at $8.25 and aims to challenge the potter’s upper trendline.

An upside breakout will signal the resumption of the prevailing trend, and offer buyers suitable support to push the price higher. The post-breakout rally may chase a potential target of $10.84, followed by $12 and $13.6. 

On a contrary note, until the chart pattern is intact, the WLD price may extend its correction trend to lower levels.

Also Read: 4 Crypto Gems To Buy To Flip $500 To $50,000 As Bitcoin Recovers

Technical Indicator

• Exponential Moving Average: The 50-day EMA may provide suitable pullback support for buyers to sustain bullish trends.
• Vortex Indicator: A flattish move between the VI+(blue) and VI-(pink) slope reflects increasing volatility and uncertainty in this asset.

Related Articles

✓ Share:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.