Worldcoin (WLD) Rallies in November as Analyst Eyes $3.10 Resistance in Bullish Breakout

• WLD’s breakout from a descending wedge in November drove a 169% rally, with a high of $2.76, marking bullish market interest.
• Key support for WLD stands at $2.00, while potential resistance targets lie at $3.10 and $4.30, indicating possible upward momentum.
• The 50 and 200 EMAs and an RSI of 57 suggest a bullish trend, with further upside likely if key levels maintain support.

World Of Charts has identified a profitable breakout for Worldcoin (WLD), with a noted 60% profit increase. WLD’s recent price movements show a shift from bearish to bullish momentum as the coin rebounds from a descending wedge pattern. 

This breakout, initiated in early November, has triggered a rally exceeding 169% from its low of $1.02 to a peak of around $2.76. Analysts highlight this rapid rise as a marker of strong buying interest and optimism in the market.

Key Support and Resistance Levels

Following the initial surge, the $2.00 level now holds significance as a pivotal support point. This threshold, the breakout zone, may attract buying activity in the event of a pullback. Other notable support levels lie between $1.50 and $1.60, a former consolidation range.

On the resistance side, the recent high of $2.76 acts as an immediate short-term cap, while additional barriers could emerge at $3.10–$3.20 and $4.30–$4.50, aligned with earlier highs in 2024.

EMA and RSI Suggest a Strong Bullish Trend

In the 4-hour WLD/USDT chart, moving averages support the ongoing bullish trend. The 50-period Exponential Moving Average (EMA) has crossed above the 200-period EMA, forming a golden cross, which typically indicates long-term bullish sentiment. 

Current trading near $2.39, just above the 50 EMA ($2.11), suggests a healthy correction that may test this level. Meanwhile, the 200 EMA ($2.01) acts as a more durable support below the 50 EMA, consolidating the trend’s strength.

The Relative Strength Index (RSI) stands at 57, pointing to a neutral but bullish momentum range. While slightly below overbought territory, the RSI indicates a potential rally if it holds above 50, maintaining the positive market outlook.

Bullish Scenario with Potential for Continuation

The market shows potential for continued upside, provided that key support holds. A move above $2.76 could lead to new highs around $3.10, with $4.30 as a longer-term target if positive momentum persists. 

A pullback to $2.00 could attract additional buying support, while a breach of the 50 and 200 EMAs might weaken the trend. Monitoring these support and resistance levels is essential as they may prove crucial in determining WLD’s next move in the current bullish trend.