Could Worldcoin price shoot up 45% ahead of OpenAI’s live stream on Monday?

Source Fxstreet
May 12, 2024 13:19
  • Worldcoin price eyes a quick 45% rally in anticipation of OpenAI’s live stream on Monday.
  • WLD needs to clear $6.70 hurdle before it can climb up to $8.55. 
  • A daily candlestick close below $4.22 support level will invaldiate the bullish thesis for the AI-based token.

Worldcoin (WLD) price has formed a double bottom around a key support level, suggesting a potential accumulation. If the OpenAI’s Monday live stream has a positive impact on Artificial Intelligence (AI) field, it could positively impact WLD and other AI-based tokens. 

Also read: Arkham price primed for a recovery rally ahead of OpenAI’s announcement

Worldcoin price ready to move higher

Worldcoin price has set up a double bottom above the daily support level of $4.22. This technical formation comes after a 70% crash between March 10 and April 13, suggesting a bottomming of the downtrend and a potential reversal.

Worldcoin price has breached the $5.62 and came close to hitting its initial target of $6.70. But due to the overall market conditions, WLD retraced and is currently hovering around $5.62. If Bitcoin (BTC) price climbs higher, altcoins including WLD could see an upthrust that tackles the $6.70 hurdle. 

Considering that the Relative Strength Index (RSI) and Awesome Oscillator (AO) are both bounce off their respective mean levels, overcoming $5.62 could propel Worldcoin price to the next key hurdle of $8.55. In total, this move would consitute a 45% gain for WLD holders. 

WLD/USDT 12-hour chart

WLD/USDT 12-hour chart

On the contrary, if investors decide that the OpenAI announcement is a not a big deal, it could suck the buying pressure out, causing Worldcoin price to slide lower. If WLD produces a daily candelstick close below $4.22 it would create a lower low and invaldiat the bullish thesis. In such a case, Worldcoin price could crash 35% and revisit the $2.71 support level. 

Read more: Worldcoin’s four buy signals hint at a reversal rally

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Meme coins show signs of recovery following GameStop's bullish reversalSeveral meme coins are showing signs of recovery from the market dump experienced earlier on Tuesday after GameStop stock posted more than a 25% gain in the past 24 hours.
Source  Fxstreet
Several meme coins are showing signs of recovery from the market dump experienced earlier on Tuesday after GameStop stock posted more than a 25% gain in the past 24 hours.
placeholder
Bitcoin Cash gains slightly after Roger Ver's bail from Spanish prisonBitcoin Cash (BCH) saw a 2% gain on Thursday following proponent Roger Ver's bail from a Spanish prison, according to a Bloomberg report.
Source  Fxstreet
Bitcoin Cash (BCH) saw a 2% gain on Thursday following proponent Roger Ver's bail from a Spanish prison, according to a Bloomberg report.
placeholder
Ethereum price fails to move despite launch of leveraged ETH ETFsEthereum (ETH) sustained its sideways trend again on Tuesday following the launch of Volatility Shares leveraged ETH ETFs and an increase in implied volatility across ETH options.
Source  Fxstreet
Ethereum (ETH) sustained its sideways trend again on Tuesday following the launch of Volatility Shares leveraged ETH ETFs and an increase in implied volatility across ETH options.
goTop
quote