Will Worldcoin rally to $3.2? What traders need to watch out for

• Worldcoin was trading within a bullish setup, with market activity pointing toward increasing buying pressure.
• The imminent formation of a golden cross, along with supportive market metrics, further strengthens the outlook.

Having gained 31.74% over the past month, Worldcoin [WLD] is well-positioned to extend its rally.

The recent 0.35% gain rise aligns with the base of a symmetrical bullish pattern, setting the stage for a potential breakout and significant upward movement.

WLD set for a major move

On the 4-hour chart, Worldcoin was trading within a symmetrical triangle at press time, and recently rebounded off the channel’s support zone, moving toward a potential breakout.

If the momentum proves strong enough, WLD’s first target after breaching resistance will be $2.650, its short-term objective.

A continued push could see the price reach its long-term target of $3.260, provided the bullish momentum holds.

Source: TradingView

However, if the channel’s resistance holds firm, WLD may experience a slight pullback before attempting another breakout, or it could face a downward trend as seen in its last three attempts at this level.

Market sentiment supports this outlook, as detailed by AMBCrypto below.

Bullish shift for WLD

There has been a steady increase in the number of long positions being opened on WLD, indicating that previously bearish traders are turning bullish.

This shift has been accompanied by a modest 0.99% rise in price, pushing Open Interest to $250.64 million.

According to Coinglass, this gradual uptick suggests that WLD’s price could follow a similar upward trend.

Further supporting this outlook, AMBCrypto found that the Funding Rate has also gained traction, now at 0.0109%.

A positive Funding Rate, where long positions pay short positions, signals growing demand for long trades, setting the stage for a potential rally.

Source: Coinglass

Golden cross signals potential upside

WLD was approaching a key bullish indicator as a golden cross pattern formed at press time, with the blue MACD line crossing above the orange signal line at readings of 0.019 and 0.020, respectively.

Read Worldcoin’s [WLD] Price Prediction 2024–2025

This crossover suggests that WLD could gain further upward momentum.

Source: Trading View

The recent weakening of bearish momentum hints at a shift, and if the Golden Cross completes, a rise in green momentum bars is likely to follow. This would position WLD for significant gains beyond its current levels.