Surging WLD: Robust Bullish Indicators Point to Continued Ascension Through Key Resistance Levels
The WLD price soared more than 11% in the last 24 hours to trade at $5.61 at press time.
WLD Price Overview
4-hour chart for WLD/USDT (Source: TradingView)
As of the latest data from the 4-hour chart, WLD has shown a notable uptrend, with closing prices climbing from $5.34 to $5.626 before slightly retracting to $5.572. This positive trajectory is bolstered by the 9 Exponential Moving Average (EMA) which rose steadily from $5.0406 to $5.3605, and the 20 EMA increasing from $4.9831 to $5.1798. The alignment of both EMAs below the current price level typically signifies a robust bullish momentum, supporting an upward trend continuation.
A closer look at the Moving Average Convergence Divergence (MACD) reveals an interesting pattern; the MACD line has been consistently above the signal line across the observed period. Initially, the MACD value was 0.0152, gradually increasing to 0.1384, which, in conjunction with a rising histogram, underscores the growing bullish strength in the market. This strength is further confirmed by the Relative Strength Index (RSI), which remained above 60 during the period, peaking at 66.5472, an indication of strong buying pressure yet not quite reaching the overbought threshold of 70.
Key Levels to Watch
In terms of potential movements, WLD is approaching significant resistance levels at $6.562, $6.794, and $6.958. The proximity to these levels amidst strong bullish indicators suggests the possibility of testing and potentially breaching the first resistance at $6.562. However, traders should be cautious of potential retracements, especially if the asset struggles to sustain momentum as it nears higher resistances.
On the downside, the support levels at $5.179 and lower at $4.707 and $4.702 provide safety nets should a bearish reversal occur. The recent price action remaining well above these supports aligns with the bullish sentiment but warrants preparedness for potential pullbacks.
For traders looking to capitalize on this information, potential entry points for long positions could be considered around current levels or on minor pullbacks towards the 9 EMA, with an eye on the first resistance at $6.562 for profit-taking. Conversely, should bearish reversal patterns emerge, initiating short positions near resistance levels with tight stop-loss orders above these points could minimize risks.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
