Worldcoin in the Midst of 50% Growth—Can WLD Hit $10 in 2024?

• Trading activity for Worldcoin has surged significantly, with volume doubling from $400 million in November to $2 billion.
• WLD has completed a bullish Adam & Eve pattern and is approaching key resistance levels at $4.4 and $5.1

Worldcoin (WLD) has experienced extreme price swings as a result of a general market rally that began in early November. The Bitcoin break above its previous consolidation range seems to have sparked positive sentiment within the crypto space. Even WLD has recently emerged from an extended period of price stability.

Worldcoin Lags Behind Other Altcoins

Following months of tight consolidation where bearish activity capped the upside, a breakout in WLD triggered a 25% price explosion, reported CNF. This upward trend has put the token on an even stronger trajectory to add further momentum, with analysts watching out for another 25% advance in the near term. Yet, WLD remains miles away from its yearly high and lags many other cryptocurrencies that have already cleared the previous highs.

It is now apparent that this extended buildup period has created interest among the traders to result in a significant increase in the volume. Trading activity surged for Worldcoin with figures doubling from just under $400 million in November to about $2 billion. This also means that such growth in trading volume may point to significant growth in Worldcoin price moving forward.

Technical Analysis For WLD Price

WLD price’s technical analysis reveals it has just completed a bullish Adam & Eve pattern. After breaking above the neckline of such a pattern, the token retested its support levels before embarking on a new rally. All this suggests that WLD is in a new bullish phase since its prolonged accumulation and minor bounces.

Courtesy: TradingView

The Worldcoin price is currently inching closer to the $4 mark. In the past 24 hours, the WLD token has registered a gain of 9.06%, trading at $3.87. Meanwhile, over the last month, there has been a rise of 100%. Despite that, it still remains at 65% below its ATH of $11.82, reported CNF.

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As for recent price action, the trend is extremely volatile, with immediate resistance projected at $4.4. However, more significant resistance is likely to occur at $5.1 and might serve as a crucial pivot point for further upward moves of the token

Whilst, the open interest for Worldcoin has surged 11.97% to $597.42 million in the past 24 hours, according to Coinglass data. Moreover, short liquidations, which signal buying pressure as traders buy back their positions to limit losses amid the price surge, have soared to $2.32 million. However, long liquidations amounted to $5.68 million, more than double the shorts liquidated. Hence, the sell pressure is higher and could deter a breakout in the short term.

Nonetheless, market watchers are closely observing whether WLD price can sustain its current bullish momentum. Should the token successfully breach the $5 mark, it could set the stage for a potential rally toward double-digit prices. However, analysts believe this target may not materialize until early 2025, given the time required to overcome existing resistance levels.

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