Worldcoin Price Increases Over 27% Ahead of WWDC Apple 10 June
2024-06-07
Bittime - Worldcoin (WLD) is showing positive momentum on both the daily and four-hour charts, hinting at a potential breakout. Ahead of Apple's WWDC 2024, the digital identity platform token co-founded by OpenAI's Sam Altman, is set to capitalize on advances in AI and technology, such as OpenAI's leading models and Nvidia's revenue.
Top-Down Analysis of Worldcoin (WLD)
On the daily chart, Worldcoin formed a bullish double bottom pattern, characterized by two distinct V-shaped reversal zones. The first bottom was observed on April 14 and the second on May 27.
Once WLD breaks the $6.39 resistance (around Rp. 103,878,750.00) and establishes it as support, the double-bottom pattern will be confirmed. This confirmation could signal a potential 35% increase, with a target of $8.84 (around IDR 143,610,000.00).
Worldcoin (WLD) Price Prediction
To calculate the price objective, we add the depth of the initial swing low (35%) to the breakout point at $6.39. If the Relative Strength Index (RSI) rises above 50 or retests it from a strength point, and if the Awesome Oscillator (AO) moves above 0, this would indicate strong bullish momentum, making a target of $8.84 more reasonable. However, a more conservative target could be $7.82 (approximately IDR 127,045,000.00), which marks the midpoint of the initial 65% decline that formed the first bottom.
Worldcoin Short Term Outlook
On the four-hour chart, Worldcoin has established a triple tap setup, a pattern that typically includes three swing lows with the middle swing lower than the other two.
If WLD breaks above $5.08 (around Rp. 82,570,000.00), it could trigger a 16% rise to $5.95 (around Rp. 96,712,500.00), which is the first target.
Beyond this level, WLD could revisit the daily resistance of $6.39, representing a rise of around 30% from the $5.00 mark (around IDR 81,250,000.00).
Worldcoin Price Indicators and Potential Risks
Both momentum indicators, RSI and AO, show positive trends, reinforcing the bullish view.
However, if the Worldcoin price falls below $4.59 (around IDR 74,597,500.00), it would derail the bullish scenario, potentially leading to a 9% drop to around $4.20 (around IDR 68,250,000.00).
Conclusion: Resistance is at $6.39 or IDR 103,536.53
With Worldcoin poised for a breakout and Apple's WWDC on the horizon, the crypto market is abuzz with anticipation. Positive momentum indicators and strategic price levels suggest that WLD could see significant gains. Traders and investors should pay close attention to the $6.39 or 103,536.53 resistance levels for signs of a confirmed breakout, while also being alert to downside risks if the price falls below the key support level.
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