The Worldcoin price had made a huge noise within the markets as it broke above the descending pattern. While the market participants believed the token reached $3 without any bearish interference, the token began to consolidate around a narrow range. However, the price has entered into a bullish range and hence a fresh ascending trend is expected to elevate the WLD price by another 50% in the next few days.
The bulls have been defending the local support at $2 for the past couple of days, which suggests they continue to remain vigilant over the prevailing price action. Although the rally is yet to validate a fresh upswing, the current trade set-up suggests the upcoming breakout could be a massive one. Now that the market dynamics are changing and shifting in favour of the bulls, will the WLD price reach $3 before the end of the month?
The Gaussian channel continues to remain bearish, but the price has entered the channel from the bottom and pierced above the upper channel. This suggests a potential reversal zone and hence if the channel shifts to green, the reversal could be validated. Therefore, the WLD price needs to remain consolidated above the channel until the bulls trigger the next ascending trend. However, the main concern lies within the RSI, which has failed to enter the overbought region.
The Worldcoin price has experienced a significant rise in volume in the past week, suggesting a notable rise in trading activity. This indicates that the market participants are vigilant over the prevailing price action and are believed to jump in at the right time. The initial resistance for the Worldcoin price is around $2.443, which has to be secured during the weekend. This move may allow the WLD price to reach $3 in the first few days of Q4; otherwise, the horizontal consolidation may persist for a long time.
