Will Worldcoin break $6.2 or face a drop? Key metrics suggest…

• Worldcoin price is consolidating in a ranging pattern between $4.3 and $6.2 key levels.
• Metrics indicate bullish momentum and profit potential for holders.

Worldcoin [WLD]  has been consolidating in a ranging pattern between $4.3 and $6.2 for the past two months. The $4.3 support level has been tested multiple times, indicating a strong buying interest.

The $6.2 resistance level has also been tested thrice indicating a strong level of interest. Currently, WLD is in bullish run aiming for a target price at $6.2 resistance level.

A breakout above the $6.2  could steer a new uptrend. However, if the bearish pressure breaks the $4.3 support, a head and shoulder could be formed, signaling a further dip in price to retest the existing ascending trendline support just below the support level.

Source: Tradingview

As of this writing, according to coinmarketcap, Worldcoin was priced at $4.83 indicating a 0.01% increase in the last 24 hours and a 1.28% decrease in the past seven days.

The market cap stands at $1.1 billion. The volume over the the past 24 hours $507.61 millions indicating a 50.52% increase.

Worldcoin holders could see light

AMBCrypto analysed the Global In/out of the Money Indicator from IntoTheBlock which indicated that 2.98 million WLD are on the verge of taking profits.

The supply worth 241.38 million was bought between $4.87 and $4.88 supply zone. Bearing in mind the price currently stands at $4.84,the profit moment for holders is nearing.

Source: IntoTheBlock

AMBCrypto further analysed Santiment’s data on WLD’s supply on exchange and social volume from November 2023 to May 2024. Social volume had several spikes indicating a strong market interest.

The supply on exchange indicated a steadily decreasing curve which affirms a bullish sentiment as investor moved their WLD off exchanges. This aligns with Worldcoin’s current bullish run to $6.2.

Source: Santiment

Is your portfolio green? Check out the WLD Profit Calculator

According Tradingview indicators chart, the current WLD price is positioned between the lower and middle bollinger band indicating less volatility and a recovery from an oversold condition.

It the price surges higher it could indicate a bullish trend. The Chaikin Money Flow (CMF) is at -0.01 suggesting that traders are indecisive and waiting to observe the direction of the market.

Source: TradingView