If this weakness continues
On analyzing the price structure on the daily chart. It has been observed, that after reaching a peak of nearly $12 on March 10, 2024, it suffered a drastic drop of nearly 65% to a bottom of $3.80 on April 13. It rapidly changed direction, causing the daily chart candle causing to close at a price of $4.45.
From that time, an upward channel was in play. It could have been the beginning of an uptrend, but the recent drop on May 13 showed that the buyers were weak.
If this weakness continues, the next probable objective for the WLD price is expected to be the $3.55 area. Nevertheless, in case the support is broken, it could drop below the $2.0 price point.
At press time, the price was trading at $4.95 with a 1.07% intraday increase, and at coinglass, the open interest have surged +3.84% at $222.44 Million. While, the derivative volume has declined -9.63% and liquidation long happens to be at 374.46k, with short at 299.96K.
Therefore, in Case, the price spikes upwards and bulls volume increases in the asset, then price could blast upwards in this scenario, and the possible targets would be to reach around the $6.0, and $7.50 price mark.
From that time, an upward channel was in play. It could have been the beginning of an uptrend, but the recent drop on May 13 showed that the buyers were weak.
If this weakness continues, the next probable objective for the WLD price is expected to be the $3.55 area. Nevertheless, in case the support is broken, it could drop below the $2.0 price point.
At press time, the price was trading at $4.95 with a 1.07% intraday increase, and at coinglass, the open interest have surged +3.84% at $222.44 Million. While, the derivative volume has declined -9.63% and liquidation long happens to be at 374.46k, with short at 299.96K.
Therefore, in Case, the price spikes upwards and bulls volume increases in the asset, then price could blast upwards in this scenario, and the possible targets would be to reach around the $6.0, and $7.50 price mark.
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