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Worldcoin (WLD) Retesting Its Descending Channel Breakout: Is a Bounceback Ahead?
By: coinsprobe|2025/05/07 20:45:01
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Date: Wed, May 07, 2025 | 12:10 PM GMTAfter a shaky start to 2025, the crypto market is finally showing signs of life. Ethereum (ETH) has jumped nearly 31% from its April 9 low, and it’s not the only one making a move. Worldcoin (WLD), one of a top altcoin, has surged nearly 50% over the last 30 days—drawing renewed attention from traders.But after a brief cooldown in weekly gains, WLD is back in the spotlight, posting a 6% bounce today. Source: CoinmarketcapAccording to crypto chart analyst @JohncyCrypto, WLD’s recent price structure may be setting the stage for a stronger bullish reversal.Retesting the Descending Channel BreakoutLooking at the daily chart, WLD had been locked in a persistent descending channel since its December 6 peak of around $4.18, sliding all the way down to a low near $0.57 on April 7. The pattern was marked by consistent lower highs and lower lows—a textbook bearish trend.Worldcoin (WLD) Daily Chart/Source: @JohncyCryptoThat trend, however, broke on April 26, when WLD finally punched through the upper boundary of the channel around $0.95. The breakout led to a swift rally toward $1.25, a local resistance level. Since then, the price has pulled back but is now retesting the descending resistance line, which often acts as support after a breakout.Adding fuel to the bullish case, WLD is also hovering near its 50-day moving average (MA 50)—a key technical level that traders use to gauge medium-term trend direction.If WLD holds above this support area, it may open the door for another leg up. Analysts are eyeing the following upside targets:$1.25 – Near-term resistance$1.75 – Mid-range target$2.50 – Major target zone with lighter volume resistanceA rally to $2.50 would mark a 62% gain from the current price of $0.93.The volume profile also hints at relatively low resistance above $1.20, suggesting that a breakout above this range could trigger a sharp move higher.Is a Bounceback on the Way?Considering the breakout from the long-standing descending channel, current support from the 50-day moving average, and the broader improvement in crypto market sentiment, Worldcoin (WLD) appears poised for a potential bounce.Still, confirmation is key. Holding above the $0.84–$0.87 support zone will be critical in the coming sessions. If bulls can defend this level and reclaim momentum, WLD might be gearing up for a strong recovery rally in the weeks ahead.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
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