Wordcoin (WLD) price has been declining over the past week, with bulls losing the $2.80 support. Despite this 11% drop, crypto analysts believe that selling pressure may be easing and a recovery in WLD price is imminent. This decline coincides with the 30-day price slide, which reflects a 46% decline from the monthly high of $5.
Worldcoin price (WLD) expects bullish recovery
Despite the bearish momentum over the past 24 hours that saw the price fluctuate between a daily high and low of $2.77 and $2.58, analysts are forecasting a recovery. Crypto analyst Ali Charts predicted that WLD would recover above the $3 resistance on Saturday. According to him, WLD’s 3-day price chart showed a TD sequence signal and a buy signal and predicted a bullish reversal of one to four candles.
Moreover, this recovery is in line with the overall crypto market, whose market cap recovered by 0.65% to $2.25 trillion despite the bearish week. Despite this, Worldcoin was still declining at press time, with the price at $2.59, down 3.76% from its 9-day high.
In the wake of this bearish rally, WLD’s market cap and 24-hour trading volume declined by 3.21% and 28.13%, respectively, to $664,032,803 and $105,990,928. This decline in market cap and trading volume reflects the waning interest of investors amid the price decline.
Alchemy partnership and NVIDIA influence
Worldcoin and its recent partnership with Alchemy to launch the World Chain is expected to have a major impact on the market development. The goal of this partnership is to integrate superior blockchain technology into the World Chain to improve its performance and throughput.
With the launch of Worldcoin’s World ID Orb verifications in Europe, Alchemy’s support is expected to strengthen Worldcoin’s services, which in turn can increase investor confidence and have a positive impact on the WLD price.
Furthermore, the impact of developments in AI technology, particularly Nvidia’s rise to become the largest company in the market, shows that high-end processors and AI tools are critical to supporting blockchain and cryptocurrency systems. Nvidia’s rise to a market cap of $3.335 trillion, fueled by the AI industry, shows a positive outlook among technology companies that could carry over to the crypto space and potentially impact coins like Worldcoin.
WLD Price Analysis
On the WLDUSD price chart, technical indicators suggest that bears have the upper hand.
The movement of the Moving Average Convergence Divergence (MACD) in the negative zone indicates increased downward pressure if the bulls do not intervene. However, if the histogram is in the positive zone, the strength of the bears could be weakening.
Additionally, the Relative Strength Index (RSI) of 24.59 suggests that the market is oversold. This trend suggests a bullish recovery, with the oversold position laying the foundation for increasing buying pressure as traders take advantage of the dip.
Also read: Worldcoin Price: Will Nvidia’s Soaring Share Price Trigger an AI Crypto Boom?
