WLD Targets $2.30 After Breaking $2.18 Resistance, With RSI Signaling Potential Rally
cryptonewsland.com 08 October 2024 15:26, UTC - WLD breaks a key resistance level at $2.1800, signaling potential upward momentum for traders to watch closely.
- Despite minor dips, WLD’s recovery hints at a bullish trend, with significant resistance levels ahead at $2.30 and $3.40.
- The RSI at 62.68 suggests WLD might be nearing overbought conditions, making it crucial for traders to monitor price movements.
In a recent tweet, Maniac noted that WLD has successfully broken through a key resistance trend line on the daily chart. This breakout targets a price of $2.1800, where the first resistance level is situated. Traders should expect potential corrections after reaching this level. However, the long-term outlook for WLD remains optimistic, suggesting high profit potential.
#WLDUSDT In this daily time frame, WLD has broken and crossed the key resistance trend line
With this break, it has targeted 2.1800, where the first resistance is located. A correction is possible after reaching this level, but in the long term, WLD has the potential to achieve… pic.twitter.com/KdVoHDufur
— Maniac (@0xManiac_Man) October 8, 2024
Current Market Analysis
The technical analysis of the WLD/TetherUS trading pair on Binance reveals price movements and patterns. The chart illustrates a downtrend, highlighted by a red trend line. Previously, WLD peaked near $12 before entering a corrective phase.
This correction established multiple support and resistance levels, depicted with horizontal lines on the chart. Notably, the key support level is around $1.35, while the primary resistance appears close to $3.40.
Recent price action shows that WLD tested the support level several times without a decisive breakdown. In June, the market reached a low of about $1.50 but displayed signs of recovery in September. As of early October, WLD trades around $2.18, indicating a bullish structure.
Consequently, upward movement toward the $2.30 resistance level seems plausible. Additionally, Fibonacci retracement levels suggest possible resistance at $3.40 and $6.00 if the bullish momentum continues.
Technical Indicators
According to the four-hour chart dated October 8, 2024, WLD is currently priced at 1.957 USDT, reflecting a slight decrease of 1.11%. The highest price observed in this period was 1.988 USDT, while the lowest was 1.950 USDT. The trading volume for WLD stands at 502,922.
Source: CryptoRank
Moreover, the 50-period exponential moving average (EMA) is plotted at 1.857 USDT. This EMA serves as a trend indicator. The price is above the EMA pointing to an increasing trend. In addition, the Relative Strength Index (RSI) stands at 62.68 at this moment. This level indicates that WLD may be approaching overbought conditions. The RSI trend line remains above the 50 level, showcasing bullish momentum.
