• Worldcoin experiences a decline in price, while trading volume sees a slight increase despite market pressure.
• WLD’s price is testing critical support; failure to hold could lead to further downside risks.
• RSI signals oversold conditions, with MACD reinforcing continued bearish momentum in the short term.

Worldcoin (WLD) is currently trading at $1.18, representing a decline of 6.57% in the last 24 hours. Even with this reduction, trading volume has grown by 0.42% and now stands at $283.99 million. This is an indication of the extent of interest among investors, although there is downward pressure on the price. Over the past seven days, WLD declined by 9.49%, indicating the continuing negative market sentiment.

Source: CoinMarketCap

The decrease in price indicates a temporary downward movement of Worldcoin. The trading volume, however, is stable, and this implies that market participants are still involved. This decrease in price and a flat volume indicate that the investors remain in action, though they may not be acting to push the price up.

Worldcoin Faces Critical Support Test for Potential Reversal

Alpha Crypto Signal, a crypto analyst, highlighted that Worldcoin (WLD) is currently testing an important support level. WLD is retesting a breakout zone, marked by a several-month downward trendline that has since shifted into a support line. 

This trendline and the exponential moving average (EMA) are now at the intersection of the coin. Should the coin have this support, then it may experience a bounce and might recover to regain a higher level.

Source: X

Worldcoin could go on an upward trend to $1.35 to $1.50 as long as it is able to retain the level of support. But failure to keep up this level would nullify the bullish preparation. This would subject the coin to more downside risks. As such, the level of support presently is key to the subsequent direction of WLD in price.

RSI Nears Oversold as MACD Reinforces Bearish Sentiment

The Relative Strength Index (RSI) stands at 41.69 at present. This will be a sign that the coin is in an oversold situation, yet still does not reach extremes. The RSI currently stands lower than the neutral 50, which indicates that the bearish mood is still in action. Following a continuation of the decline of the RSI, further pressure to sell might occur.

Also Read: Litecoin Faces Setback as ETF Approval Nears, Eyes Towards $280

The Moving Average Convergence Divergence (MACD) shows a bearish trend as well. MACD stands at -0.023, and the signal line stands at -0.025. The negative momentum is reinforced by the histogram being red. If the MACD breaks above these lines, it could indicate an approaching reversal.

Source: TradingView

Rising Volume and Falling Open Interest Signal Market Uncertainty

CoinGlass data shows that the trading volume has grown by 8.96%, which is currently at $939.53 million. Nonetheless, its open interest has fallen by 9.54% to $424.78 million. This decline in open interest indicates that a smaller number of positions is being held in the market. The WLD OI-Weighted Funding Rate is 0.0040%, which shows market equilibrium.

Source: CoinGlass

The trend in Worldcoin is now bearish, with both the price and the RSI decreasing. The level of its current support is critical because any failure to support it can result in additional falls. These indicators should be observed keenly by the market players to determine possible reversal or perseverance of the bearish trend.

Also Read: XRP Technical Analysis Hints at October Breakout With Targets Toward $3.50