Worldcoin (WLD) Price Hits 5-Month High, Bullish Breakout Coming？

Worldcoin (WLD) has seen a significant increase in October. Worldcoin (WLD) price rebounded from losses seen at the beginning of the month and hitting a two-month high.

The price surged by 67% in the past four weeks. It has returned to trade above $2, raising the hopes of another bullish impulse. This latest price action indicates that WLD may well push on further upwards in the coming days. At press time, WLDs price was trading at $2.47, a 13% surge from the intra-day low.

Worldcoin (WLD) Price | Source: TradingView

WLD Breaks Long-Term Resistance

The WLD price finally broke through a critical long-term horizontal resistance level and spiked to $2.55. This is the tokens highest level since late July. Before this breakout, WLD had been trading in a range between $1.40 and $2.10 for more than eight weeks.

The recent rally started on September 6th when WLD touched its lowest price. Price then immediately started to rise, regaining the $1.45 support level.

The breakout in October above $2.10 may indicate the renewed investors interest in the cryptocurrency. This can be caused by general market trends and expectations for new project developments.

As per the technical analysis, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate a buy signal for WLD. The RSI has crossed over 50. The MACD has given a buy signal with a crossing above the zero level. This means that the upward movement may be sustained in the short term.

Possible Resistance at $3

While WLDs recent breakout is promising, the price may face resistance around the $3 mark, which aligns with previous highs. Analysts are watching this level closely, as it could determine whether WLD continues its upward movement or pulls back to retest lower support levels.

The $2.10 level that has been breached recently may serve as a new support level in the case of a price decline.

Worldcoin (WLD) Price Chart

However, it is still feasible that the price may pull back a little while the long-term trend remains upward. Another analyst, ElonTrades, suggested that the current price surge could be due to Worldcoins leadership aiming to get 700 million users. If WLD continues to rise, the next major resistance level might be $3, then the $4.70 to $5.35 area

Grayscales Interest in Worldcoin

Moreover, investment in Worldcoin has gained momentum. Grayscale, a leading digital asset manager, included WLD in the list of 35 potential cryptocurrency products it offers. Grayscales decision to consider WLD for future investment is the positive signal that WLD is gaining more trust.

If Grayscale decides to include WLD in one of its investment products, more institutional investors may be attracted to the token. This can aid the price of the token to rise.

Grayscale‘s track record with other cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), shows that listing a coin in their product suite often leads to greater exposure and investor interest. While there are no guarantees that WLD will be chosen, its inclusion on Grayscale’s watchlist is a positive signal for the tokens long-term prospects.

Catalysts for Further Growth

Several upcoming events could further boost WLD‘s price. One key event is the “A New World” live event scheduled for October 17 in San Francisco, where Worldcoin’s leaders are expected to announce project updates. These updates could include measures to scale the network and potentially bring millions of new users to the platform.

In addition, the recent launch of the World Chain on October 11 has created positive sentiment in the market. The network, which had 1,200 accounts as of its launch date, is expected to grow significantly, potentially driving further demand for WLD tokens. If WLD is adopted as the official gas fee token on the World Chain, this could lead to increased usage and a corresponding price boost.