Worldcoin price has suffered a harsh reversal in the past few days, moving from a high of $2.2085 on September 9 to the current $1.613. The crash occurred as investors booked profits following the news of Eightco Holdings’ strategy.
Worldcoin Price Technical Analysis Points to a Rebound
The daily timeframe chart shows that the WLD price bottomed at $0.5745 in April and then rebounded to a high of $2.2085 in September.
This chart shows the coin formed a double-bottom pattern at $0.8327, its lowest levels in July and September 1, and a neckline at $1.3885. A double-bottom is one of the most common bullish reversal patterns in technical analysis.
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The coin has now pulled back and retested the important support level at $1.6460, its highest level in May. It has remained above the 50-day and 100-day Exponential Moving Averages (EMA), which are about to cross each other.
Worldcoin price has retested the major support and resistance pivot point of the Murrey Math Lines tool. Therefore, technicals suggest that it may rebound in the coming weeks, which will push it to this month’s high of $2.2085. A move above that resistance level will push it to the extreme overshoot level of $2.7343.
The bullish WLD price forecast will become invalid if it drops below the support at $1.3888, the neckline of the double-bottom pattern at $0.8327.
Eightco Holdings Acquisition to Be the Main Catalyst
The main catalyst for the Worldcoin price is the upcoming acquisitions by Eightco, a company that plans to buy tokens worth $250 million after completing its private placement. It has already changed its ticker from OCTO to ORBS to reflect its new strategy.
However, its current buying spree faces major headwinds. The first point is that Worldcoin’s supply is enormous and continues to grow. Its circulating supply stands at 2.02 billion tokens against the maximum of 10 billion. It unlocks 5.25 million WLD tokens, valued at over $8.59 million, each day.
The other main challenge is that Treasury companies are not doing well, which may limit how much money they are able to raise over time. For example, top companies like Metaplanet and Strategy have all plunged in the past few days. After initially surging to $76, Eightco stock has plunged to $15.6 today.
Meanwhile, there are still concerns about the World’s utility over time. While the number of verified humans on the network has soared to over 16 million, it is unclear whether any major company is using the technology for verifications.
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