Worldcoin crosses ATH: Time for a rally to $11.17 and beyond?
- Worldcoin has set a new all-time high, inspiring bullish euphoria.
- Some short-term price volatility is expected before gains materialize.
Worldcoin [WLD] fulfilled the prediction from an AMBCrypto report from the last week of February, reaching $10 and setting a new ATH in doing so.
At press time, the next target was just above $11, but Fibonacci extension levels showed that prices could go much further than that.
Technical analysis revealed that the bulls were so strong that the pullback that WLD was in a week ago was cut short. Buyers were eager and showed conviction, reinforcing the idea that prices would climb.
The divergence and pullback were part of the uptrend
Source: WLD/USDT on TradingView
The Fibonacci retracement and extension levels (pale yellow) showed that WLD has crossed above its local high at $9.45 after retracing to the 50% level at $5.8 a few days ago.
This dip came after a bearish divergence (orange) between WLD prices and the RSI momentum indicator in the 1-day timeframe.
Further south was a strong demand zone at the $4 area, which had a bullish breaker block (cyan) and a fair value gap (white) confluence.
The fact that WLD bulls did not wait to retrace so far south was a strong argument for their overwhelming strength.
It is expected to reach the $11.17 mark soon, but the 61.8% and 100% extension levels at $13.96 and $16.74 are also targets for the coming days or weeks.
The long liquidation levels outnumber the shorts
Source: Hyblock
AMBCrypto’s analysis of the liquidation levels showed that the cumulative liquidation levels delta have been massively in favor of the bulls over the past six hours.
This comes alongside a swift surge in prices, indicating speculators were piling into long positions in hopes of profiting from the move.
The next large liquidation levels were estimated to lie at the $11.04-$11.09 area, where close to $14 million in short positions would be liquidated should WLD prices test that level.
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Meanwhile, high-leverage long positions worth $10 million would get liquidated if prices fell to $9.77.
This raised the likelihood of some volatility in the near term before the token’s value climbs toward $11, and likely higher.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
