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Sam Altman-backed crypto Worldcoin (WLD) took the cryptocurrency industry by storm after its launch late last month as it introduced the World ID. After going ballistic to trade as high as $2.66, the proof-of-personhood (PoP) crypto embarked on a downtrend that saw it drop to establish support at $1.67.
When writing, Worldcoin traded in the green at $1.713, down 1.97% on the day and 26% over the last seven days. However, WLD has been rising over the previous few days, reigniting investor confidence that the crypto may recover sustainably.
Worldcoin Price Needs to Flip $1.80 Back Into Support
After setting a swing high at $2.54 on August 2, WLD embarked on a downtrend that saw it drop as much as 35% to lows of $1.65 reached earlier today. The altcoin has found support from the $1.67 demand zone.
Note that the WLD price has been sealed in a downtrend, underpinned by the descending trendline since the sell-off began. The price must produce a decisive candlestick close above this line at $1.80 to escape from the extended downtrend.
If this happens, Worldcoin will rise to confront resistance from the 50 simple moving average (SMA) at $1.94 and the $2.0 psychological level. Overcoming these hurdles would open the path for a rise toward the $2.1 primary resistance level. This would represent a 22.19% uptick from the current price.
WLD/USD Three-hour Chart
Even though the relative strength index (RSI) and the moving average convergence divergence (MACD) were moving within the negative region, their setup showed that Worldcoin was readying for a recovery.
The RSI, for example, showed that WLD is massively overbought. The upward movement of this trend-following indicator showed that buyers were re-entering the market while sellers get exhausted.
The MACD was also moving upward and was about to send a call to buy WLD on the three-hour chart. This may occur soon as the 12 Exponential Moving Average (EMA) moves above the 26 EMA. If this happens, it will end the downtrend as the Worldcoin price recovers.
On the downside, the market conditions still favored the downside, as validated by the down-facing SMAs. Therefore, a daily candlestick below $1.67 would invalidate the above bullish thesis as WLD drops to record lower lows.
But it doesn’t have to be doom and gloom for crypto investors, as there is a chance to make good returns on investments in 2023. This comes by investing in new cryptocurrencies in presale, such as Launchpad XYZ (LPX), with the potential to make 20X returns.
Promising WLD Alternative
The success of the $LPX token presale has propelled the Launchpad XYZ crypto project into the spotlight. Surpassing the $1.2 million milestone, the presale has garnered significant attention, fueled by anticipation for this comprehensive Web3 platform.
🎉 HUGE NEWS! We’ve just crossed the $1.2 million mark in our #Presale!
A heartfelt thank you to our incredible community. The journey has only begun 🚀
Join the $LPX presale today! ⤵️https://t.co/6qHqqRBG7F#LaunchpadXYZ #Crypto #Web3 #Trade #Alts pic.twitter.com/fZpXciMLVp
— Launchpad.xyz (@launchpadlpx) August 8, 2023
As their whitepaper outlines, Launchpad XYZ strives to become the quintessential hub for all things Web3. Its offerings include a crypto presale library, a metaverse experience hub, a rapid DEX, and more.
Within Launchpad XYZ’s ecosystem, the innovative “Launchpad Quotient” emerges—a distinctive ranking system that employs over 400 data points to evaluate and score digital assets based on their investment potential.
The fusion of these features within a single platform has ignited the interest of investors, evident in the substantial growth of Launchpad XYZ’s Telegram channel in recent weeks.
The LPX token is available to buy in presale before it lists on significant exchanges. Interested investors can visit the Launchpad XYZ presale website and follow an easy-to-use guide to buy LPX, which can be done using ETH, BNB, USDT, or a bank card.
Given the improving sentiment in the crypto market throughout 2023, Launchpad XYZ seems strategically poised to capitalize on the unfolding growth opportunities.
Visit Launchpad XYZ here for more details about the project and how to participate in the ongoing presale.
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