Worldcoin (WLD) is facing significant macro pressure following a sharp decline of nearly 98% from a high of about $11.97.
The crypto analyst Crypto Patel, points out that the coin is falling inside a long-term descending channel, which could be an indicator of a bearish setup.
Despite the sharp decline, the coin is showing signs of compressing around historical support levels, which could be a sign of accumulation. However, a clear trend is yet to be seen in this space.
WLD is trading within its downtrend over the last several years, characterized by lower highs and lower lows. It is being resisted by its trendline resistance.
It is tightening at the lower end, which might indicate the formation of a base. However, no strong breakouts can be seen, and the overall market is still bearish.
Also Read: Worldcoin (WLD) Holds Wedge Support: Is a Bounce Toward $0.62 Next?
Significant levels identify a high-risk zone where demand may resurface from $0.22 to $0.14. If the close of this week drops below $0.130, bullish accumulation scenarios will no longer work, and a breakdown will persist.
On the other hand, a close above $0.66 will be required to change this pattern and indicate a possible macro trend change in this current long-term phase of the market cycle.
Source: Crypto Patel’s X Post
If bullish momentum returns, Crypto Patel has identified potential cycle targets at $0.63, $2, $5, and even $10+ as a strong indication of upside potential after a significant correction. However, bearish risk remains in place until further confirmation.
WLD is at a critical juncture where the market will either support long-term accumulation or continue to be dominated by a trend.
According to TradingView, WLD has a bearish pattern characterized by a steady march of lower highs and lower lows.
The price is currently below all the major exponential moving averages, which are sloping downwards in a death cross pattern. This is a confirmation that selling pressure is dictating the short-term market direction.
Source: TradingView
Technical indicators point to the possibility of a turn. The MACD indicator is seen to slightly cross over into the bullish territory with green bars appearing on the histogram, indicating the downward push might be weakening at the support level of $0.25600.
Still, until WLD breaks through the barrier at $0.27637 and the 20-period EMA, the current sideways movement is seen as consolidation.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Worldcoin (WLD) Could Target $0.60–$1.50 if Falling Wedge Support Holds
