Is a falling wedge breakout rally in Worldcoin poised to reclaim the $3 mark amidst a broader market recovery?
With a 7-day growth of 26.11%, Worldcoin is making a notable return to the crypto landscape. Currently trading at $2.11, it has reclaimed a market cap of $1 billion.
Despite recently facing fines in South Korea, Worldcoin’s bull run appears to be gearing up for a new breakout. Will this rally push the price to $3?
Worldcoin Breakout Run
The price action of Worldcoin indicates a significant change in underlying dynamics, marked by a rounding-bottom reversal that has led to a trend reversal rally. A falling wedge pattern on the daily chart suggests a bullish reversal from the $1.33 support level, culminating in this breakout rally.
Additionally, the WLD price action shows a double-bottom reversal that has surpassed the neckline at $1.92. With a massive bullish engulfing candle of 16.41% on September 25, the Worldcoin reclaimed the $2 psychological mark.
This recovery includes a price jump from $1.92 and is currently testing the 100-day EMA. The critical daily EMAs—50, 100, and 200-day—are declining as Worldcoin surpasses the 50-day EMA.
Worldcoin Fined For $830,000
The bullish recovery for Worldcoin continues despite the recent fine of 1.1 billion Korean won worth $830K. The South Korean Personal Information Protection Commission penalized Worldcoin and its sister company, Tools for Humanity, for misusing personal data and scanned IRS data.
The $830,000 fine comprises $544,000 for handling sensitive personal data and transferring them to a foreign country. Additionally, $285,133 as a penalty comes to its sister organization, Tools for Humanity. This comes as the failure to oblige data transfer regulations to outside countries.
Will Worldcoin Price Hit $3?
The sudden imposition of the fine led to a minor correction of 3.39% yesterday as Worldcoin pulled back from the 100-day EMA. However, it has rebounded with an intraday gain of 3.74% from the opening price of $2.03, indicating a potential continuation of the bullish trend.
Based on current price action, the upcoming resistance levels for this bull run are likely at $2.36 and $2.95. Conversely, support levels for the WLD token stand at $1.92 and $1.75.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
