Worldcoin price eyes 20% rally in anticipation of AI giant Nvidia’s earnings
- Worldcoin price has surged 15% in the last four days.
- A flip of the $2.66 resistance level could trigger a 20% move to $3.19 for WLD.
- A twelve-hour candlestick close below $2.29 will invalidate the bullish thesis.
Worldcoin (WLD) price has been on an up-only trend for the last five days and shows no signs of stopping. However, there might be a bit of a slowdown as WLD approaches a key breakout level that could further propel the Artificial Intelligence (AI)-based token higher.
Read more on AI and Nvidia earnings - Link
Worldcoin price approaches critical level
Worldcoin price created two local bottoms on January 23 and February 5, which hinted at a potential double-bottom pattern. WLD shot up 15% from the second swing low and is currently approaching the $2.66 hurdle, adding credibility to the said technical formation.
A decisive candlestick close above $2.66 will confirm a breakout for Worldcoin price from the double-pattern. This technical formation forecasts a nearly 20% upswing to $3.19, which is obtained by adding the distance between the peak and second bottom to the breakout point.
Until that happens, Worldcoin price is likely going to consolidate below $2.66, allowing sidelined buyers to accumulate WLD.
Also read: Worldcoin offices in Hong Kong hit by investigation by Office of the Privacy Commissioner
WLD/USDT 12-hour chart
The outlook for Worldcoin price is based on the Nvidia’s earnings. But if the results on February 21 are lackluster, it could result in a sell-off for the AI-token Worldcoin. In such a case, if WLD produces a twelve-hour candlestick close below $2.29, it will invalidate the bullish thesis.
This steep correction would promote a break in the potential recovery of the altcoin and potentially trigger a near-10% correction to the January 23 swing low at $2.07.
Also read: Bittensor price skyrockets nearly 20% ahead of NVIDIA earnings
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
