- Worldcoin [WLD] experiences a 14% surge in just 24 hours ahead of a significant update.
- Despite being in overbought territory, WLD still offers a promising risk-reward ratio.
Worldcoin [WLD] saw a notable increase in price leading up to an upcoming update from Sam Altman, the founder of OpenAI. Scheduled for October 17th, the event will also feature Alex Blania, the CEO of Tools for Humanity (TFH).
Just two days before the event, the altcoin surged by 12% within a 24-hour period, rising from $2.0 to $2.3.
Historically, major cryptocurrency events have often resulted in a ‘sell the news’ phenomenon. Therefore, the recent price spike could be attributed to anticipatory buying that might be followed by profit-taking during or after the event.
The key price levels to monitor are crucial at this juncture.
Important Targets to Monitor
Source: WLD/USDT, TradingView
Since August, the price action of WLD has been following an ascending channel (yellow).
Recent price movements have confirmed $2.0 as a short-term support level (white), with the $2.5 mark serving as a critical resistance zone (red) at the upper boundary of the channel.
Despite indicators signaling potential overbought conditions, the risk-reward ratio for WLD remains favorable if the recovery trend continues post-event.
A potential 80% upside could be realized if WLD surpasses the $2.5 hurdle and targets the $4.5 level. Therefore, $2.0, $2.5, and $4.5 are key levels to monitor in the short to medium term.
Bullish Sentiment in the Futures Market
Speculators have maintained a positive outlook despite the resistance at $2.5. On October 14th, approximately 5 million WLD contracts were added, leading to a 15% surge in open interest rates (OI).
This surge indicates growing market interest in WLD within the Futures market.
Source: WLD/USDT, TradingView
The positive Funding Rates further bolster the optimistic sentiment among speculators in the Futures market.
However, the increased leverage also brings a higher risk of liquidation and volatility, factors that could come into play during Altman and Blania’s anticipated announcement on Thursday.
With that in mind, the $1.9-$2.1 range serves as crucial support, as highlighted on the charts. Data from IntoTheBlock reveals a significant accumulation of WLD coins (2.59 billion) valued at around $6 billion at this level.
Source: IntoTheBlock
Explore the Worldcoin [WLD] price prediction for 2024-2025
In conclusion, $2 holds critical importance as a support level for WLD traders and investors. However, flipping the resistance at $2.5 to support is essential for WLD to target the potential 80% gain at the $4.5 mark.
A drop below $2 would invalidate the bullish scenario outlined above.
Disclaimer: The information provided is the author’s opinion and does not constitute financial, investment, trading, or any other form of advice.
sentence using different words:
The dog ran quickly through the park.
The canine sprinted rapidly across the park.