The cryptocurrency industry continues to display mixed sentiment as the top tokens continue to record a constant increase in selling pressure. Moreover, top altcoins continue to hover close to their important support levels, indicating a high possibility of the industry concluding this month on a bearish note.
On the other hand, Worldcoin price has recorded a jump of 9% within the past day but has recorded a correction of approximately 24% within the past seven days and 45.74% over the past 30 days. Positively, the YTD of this altcoin stands at +38.61%, indicating a positive outlook in the long-term perspective.
The Worldcoin displayed a neutral trend by trading in a closed range between $1.70 and $2.91 for the first two months of 2024. As the volatility in the market grew, the bulls gained momentum and jumped over 443% within 32 days, resulting in the WLD token recording a new ATH at $11.820.
However, the bulls lost momentum after recording the ATH. Since then, the price has traded under a bearish influence, highlighting increased selling pressure in the crypto industry. Furthermore, the SMA shows a constant descent, suggesting a negative price action for the WLD price in the coming days.
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The technical indicator, MACD, shows a constant red histogram in the chart, highlighting a bearish price sentiment in the crypto space. Moreover, the averages display a steady decline, suggesting a negative price action for the altcoin in the coming time.
If the market holds its price above the support level of $4.40, the bulls will regain momentum and test its resistance level of $6.37. Maintaining the price at that level will set the stage for Worldcoin to attempt to test its upper resistance level of $7.65 during the upcoming week.
Conversely, if a bearish trend reversal occurs, the price will break down its support level at $4.40 and fall to test its low of $2.915 in the coming time.
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