Worldcoin (WLD) Eyes the $3.50 Price Target with a Post-Retest Rally

After a 62% rise over the last 30 days, Worldcoin is on a positive growth trajectory. Currently, the WLD token is trading at $2.33, with a 24-hour drop of 8.20%.

Worldcoin (WLD) price showcases a falling wedge breakout rally on the daily chart. Currently, the token price is down 8.20% in 24 hours and trades at $2.33. However, the past week has seen a 25.46% increase in the WLD coin price.

The WLD coin shows a recovery rally, ready to explode as the broader market recovers. Will this rally cross above the $3 mark? Let’s find out.

Worldcoin Price Analysis

On the daily chart, Worldcoin showcases a falling wedge breakout rally, gaining momentum. The bullish reversal for the WLD coin began from a 40-day low of $1.28.

Currently, it has risen by 81% with a current market price of $2.32. The falling wedge breakout rally took the form of a rising channel pattern.

The recent bull cycle within the rising channel showed three massive bullish engulfing candles, together accounting for a 43% rise from $1.6855 to $2.4160.

The rally took place from October 11 to October 14. Despite the massive surge in bullish momentum, Worldcoin failed to reach the 200-day EMA, which stands at $2.70.

This resulted in a bearish doji candle, indicating bullish exhaustion for the WLD coin, and an intraday pullback of 2.66%. The price action showcases an evening star pattern.

However, the pullback serves as a retest of the broken resistance trendline and teases a post-retest reversal. Moreover, the recent two daily candles show a lower price rejection, increasing the chances of a bullish bounceback.

Will Worldcoin Surpass $3?

The uptick in the 50-day EMA (orange line) shows a bullish shift as the market sentiment for the WLD coin improves. Additionally, the underlying momentum is building as the MACD and signal lines maintain a positive alignment. Hence, the technical indicators support the possibility of an uptrend.

Based on the price action analysis and the technical indicators, the near-term resistances are at $2.70 (200-day EMA) and the $2.95 resistance level. In case of a highly motivated bullish journey ahead, the AI token could hit the $3.50 mark in the October rally.

On the flip side, the crucial support below the broken trendline is at $2.11 and $1.85.

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