CandleFocus Worldcoin Rejection At $2.1 Sparks Concerns Of Prolonged Downtrend
2024-11-01
Author: Content Editor
Worldcoin's inability to breach the $2.15 resistance level has put the token at risk of a prolonged downtrend. Sellers have been pushing prices lower each time buyers attempt a breakout, indicating potential challenges ahead. Technical indicators show negative momentum and bearish signals, suggesting that selling pressure is increasing. The token is exhibiting strong downward momentum on the daily chart, with increased selling pressure and a potential drop below the 100-day SMA. A detailed analysis of the 1-day Composite Trend Oscillator indicates extended losses and a negative shift in momentum. Key support levels, such as $1.27, become crucial to monitor as further declines could intensify pessimistic sentiment. However, if support holds, it may create an opportunity for a price recovery.
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