Altcoin News: Worldcoin Analysts See 120% Potential as WLD Price Targets $2.00

Worldcoin (WLD) shows signs of a bullish breakout, with analysts predicting a 120% upside and a target of $2.00.

Worldcoin (WLD) is showing promising signs of growth as the crypto recovers from recent lows. Traders are eyeing the token’s potential for a bullish breakout, with analysts predicting a 120% upside toward the $2.00 mark

The recent rebound has garnered attention, particularly as technical indicators show a key reversal structure forming. This has sparked optimism that the token could be on track for a more significant upward move in the near future.

WLD Shows Bullish Breakout Setup

Worldcoin is currently trading at $1.00, reflecting an 8.39% daily gain. Technical analyst Nehal recently pointed to a potential breakout pattern forming on the daily chart

The pattern shows WLD breaking through a descending resistance trendline, suggesting that the coin could be ready for a rally. According to Nehal, this could lead to a 121% projected upside, with the coin challenging the $2.00 resistance level.

The breakout pattern resembles a common bullish continuation structure where consolidation leads to rapid price movement once resistance is breached. This is often seen as a signal of renewed buying interest, particularly when supported by rising volume

In the case of Worldcoin, the triangle formation observed on the chart indicates that buyer confidence is returning after a period of downward pressure.

Market Conditions Support a Potential Rally

Worldcoin price recovery is supported by improving market conditions. Despite recent drawdowns, the coin has managed to rebound from levels below $0.90. This demonstrates that traders are still active, looking to buy during dips

As market volatility stabilizes, risk sentiment is improving, providing a conducive environment for the coin to consolidate and potentially build a base for upward movement.

Worldcoin market capitalization currently stands at $2.19 billion, with daily trading volume above $356 million at the time of writing. These metrics indicate continued market participation, which could help drive the coin’s growth if the bullish momentum continues

With technical and market conditions aligning, many analysts believe WLD has room to push higher.

Open Interest Decline Suggests a Healthy Reset

Another important factor analysts are watching is the decline in Worldcoin’s open interest (OI). The open interest has dropped significantly to around 140 million in recent sessions

A reduction in OI generally signals a liquidation or exit of speculative positions. This phase often precedes a trend reversal and suggests that the market is resetting before a potential rally.

With less leverage in the system, Worldcoin could experience a healthier and more sustainable rally once buying momentum picks up

The decrease in open interest also suggests that short-term traders are stepping back, giving larger investors or long-term holders room to reenter the market. If open interest begins to rise again, it could confirm a shift in sentiment towards bullish continuation.

Worldcoin price and market behavior are pointing toward potential growth, with analysts forecasting a possible 120% upside. As the market stabilizes and buying momentum builds, WLD may be set for a breakout toward the $2.00 level.