24% Surge: Can Worldcoin (WLD) Flip Resistance into Support?

• Worldcoin is trading at $1.54 after a 24% rise.
• WLD’s daily trading volume has surged by over 159%.

The Bitcoin rally above $111K in the market has ignited other crypto assets to climb high. Ethereum, the largest altcoin, is traded around the $2.6K range. However, among the altcoins, the Worldcoin (WLD) price chart reveals a breakout, signalling a fresh rally

In the last 24 hours, Worldcoin has recorded a 24.20% price surge. It opened the day trading at the bottom range of $1.25, and later, the bulls who woke from the nap advanced the price to hit a high of $1.64. As per CMC data, Worldcoin currently trades at around $1.54 at press time

Furthermore, the market has observed a $6.96 million worth of Worldcoin liquidation during this timeframe, according to Coinglass. In the meantime, the asset’s daily trading volume has increased by 159%, reaching $1.1 billion.

While zooming in on the price chart for the last seven days, Worldcoin has gained over 31.45%. The asset kicked off the week trading on the downside, and after the bullish shift triggered the price ascended to the current trading level.

Is Worldcoin Set to Reach New Heights?

The technical indicators of Worldcoin report the bullish scenario, pointing at the Moving Average Convergence Divergence (MACD) line crossing above the signal line, suggesting a positive sentiment. If this crossover continues to stay, a prolonged uptrend is expected. Besides, the Chaikin Money Flow (CMF) indicator positioned at 0.17 indicates a positive money flow into the asset and moderate buying pressure in the market. It further has the potential for a surge in the asset’s demand

*WLD chart (Source: TradingView)*Worldcoin’s four-hour trading pattern signals the active correction on the upside. The asset’s price could climb and test the nearby resistance at the $1.63 level. Significantly, a steady break above this mark might ignite the golden cross to emerge and strengthen the bullish trend, setting the stage for WLD to mount further.

Assuming the asset’s bullish outlook turns bearish, the price will likely lose its recent gains. WLD might steeply plummet to test support at the $1.50 level. A death cross could form if this make-or-break level fails to hold. The price may have to face a notable downside correction, eyeing the recent lows

*WLD chart (Source: TradingView)*Additionally, the current market sentiment is overbought, as the daily relative strength index (RSI) is resting at 80.85. The asset may be subject to a price correction or pullback. Besides, Worldcoin’s Bull Bear Power (BBP) value of 0.341 implies that the bulls are in control of the market, pushing the price above.

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