- Worldcoin has set a new all-time high, inspiring bullish euphoria.
- Some short-term price volatility is expected before gains materialize.
Worldcoin [WLD] fulfilled the prediction from an AMBCrypto report from the last week of February, reaching $10 and setting a new ATH in doing so.
At press time, the next target was just above $11, but Fibonacci extension levels showed that prices could go much further than that.
Technical analysis revealed that the bulls were so strong that the pullback that WLD was in a week ago was cut short. Buyers were eager and showed conviction, reinforcing the idea that prices would climb.
The divergence and pullback were part of the uptrend
Source: WLD/USDT on TradingView
The Fibonacci retracement and extension levels (pale yellow) showed that WLD has crossed above its local high at $9.45 after retracing to the 50% level at $5.8 a few days ago.
This dip came after a bearish divergence (orange) between WLD prices and the RSI momentum indicator in the 1-day timeframe.
Further south was a strong demand zone at the $4 area, which had a bullish breaker block (cyan) and a fair value gap (white) confluence.
The fact that WLD bulls did not wait to retrace so far south was a strong argument for their overwhelming strength.
It is expected to reach the $13.30 mark soon, but the 61.8% and 100% extension levels at $13.96 and $16.74 are also targets for the coming days or weeks.
The long liquidation levels outnumber the shorts
AMBCrypto’s analysis of the liquidation levels showed that the cumulative liquidation levels delta have been massively in favor of the bulls over the past six hours.
This comes alongside a swift surge in prices, indicating speculators were piling into long positions in hopes of profiting from the move.
The next large liquidation levels were estimated to lie at the $11.04-$11.09 area, where close to $14 million in short positions would be liquidated should WLD prices test that level.
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Meanwhile, high-leverage long positions worth $10 million would get liquidated if prices fell to $9.77.
This raised the likelihood of some volatility in the near term before the token’s value climbs toward $13.30, and likely higher.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.