Worldcoin (WLD) exhibited a significant bounce on Monday, March 23rd, rallying 8.46% from a low near $0.30 after buyers defended a key support level. Despite this short-term strength, the altcoin’s long-term trend remained unambiguously bearish, having lost over 73% of its value in under six months. Recent price action saw WLD breach a crucial local support at $0.345, leading analysts to suggest traders might consider selling any further bounce.
Worldcoin showed a strong bullish move on Monday, with buyers defending the $0.3075 support from February 6th. This defense forced an 8.46% bounce from the day’s low of $0.3039, though the price later receded to trade at $0.3175.
The long-term trend of Worldcoin has been bearish, with the asset shedding 73.57% in value in under six months. This decline is not extraordinary compared to many altcoins, but Worldcoin has displayed relative weakness recently.
The Bitcoin push back above $70,000 gave some altcoins impetus to shift their short-term trends bullishly. Worldcoin was not one of them, instead making new lows on the daily chart and breaching the $0.345 local support from February.
The 4-hour chart showed a bearish swing structure that occurred on March 19th when WLD fell below the swing low at $0.346. At the time of writing, the 23.6% Fibonacci retracement level at $0.326 was acting as resistance.
If this level is flipped to resistance, traders can expect WLD to rally to the golden pocket at $0.354-$0.366. The RSI was just below neutral 50, and the CMF climbed above +0.05 to indicate strong capital inflows.
If demand and momentum are sustained, Worldcoin could bounce higher. However, traders should remember the longer-term trend and use a price bounce toward $0.366 to sell the altcoin.
A rally breaking out past the local high at $0.406 would flip the swing structure bullishly and invalidate the current bearish bias. The call to action for traders is to sell the bounce given the asset’s weak performance.
