2023-9-12 10:00 |
The Worldcoin (WLD) price has been downward since July 25. The entire decrease has been contained inside a corrective pattern.
While the price bounced on September 5, it failed to break out of the channel’s resistance line and began another downward movement.
Worldcoin (WLD) Price Falls to All-Time LowThe WLD price has fallen since July 24. The decrease has taken the shape of a descending parallel channel. Both the resistance and support lines have been validated numerous times.
More recently, the Worldcoin price reached the channel resistance line on September 7. The price failed to break out (red icon) and began the current downward movement, which is still ongoing.
On Sept. 11, WLD broke down from the channel’s midline and fell below $1, reaching a new Worldcoin price all-time low in the process.
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The six-hour RSI is also bearish, supporting the continuation of the decrease. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and to determine whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The RSI is below 50 and falling, both signs of a bearish trend.
Furthermore, the indicator broke its ascending support line (green line). This indicates that the previous bounce is complete, and a new downward movement has begun.
WLD/USDT Six-Hour Chart. Source: TradingViewIf the downward movement continues, the price can fall by another 15% and reach the channel’s support line at $0.87. However, if WLD regains its footing and reclaims the channel’s midline, it can then increase by 21% and reach its resistance line. Currently, this scenario seems unlikely.
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For BeInCrypto’s latest crypto market analysis, click here.
The post Worldcoin (WLD) Price Plummets Below $1: Where’s the Bottom? appeared first on BeInCrypto.
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