The Bitcoin price is plunging. The token has dropped below $104K while the Worldcoin price has maintained a significant ascending trend. Besides, the volume has surged above $1 billion, suggesting an increased interest in the token. Moreover, the token is the top trending on the altcoin ranking across social media platforms. With this, the token appears to be in the early stages of the market cycle and hence more bullish action is expected to follow soon.
The confidence in the token soared soon after President Donald Trump announced an investment in AI, partnering with OpenAI, Oracle, & Softbank. Interestingly, OpenAI is building Worldcoin, due to which the market participants turned optimistic about the token. Worldcoin, both in the short-term and long-term, flutters bullish flags that display the possibility of a clear breakout off the key support zone, which is expected to undergo a retest soon.
The recent rise in the price has helped the token to break above the falling wedge, which is a bullish event. However, the bears are trying hard to restrict the rally and hence the daily close has become more pivotal. Considering the technicals, the DMI has just turned bullish, with the RSI triggering a bullish divergence and raising above-average levels. Besides, the volume has also increased, pointing towards a potential breakout of over 25%.
The WLD price is now believed to rise by over 25% and reach the resistance zone between $2.8 and $2.9 if the bulls manage to keep up the rally above the resistance of the wedge. This could pave the way for the price to rise above $3 and form a new ATH. Besides, if it fails to breach the levels, it could face rejection and eventually head towards the support below $2. However, the market dynamics do not appear to favour the bears, so a bullish perspective remains in place.
Credit: Source link