Worldcoin (WLD), an artificial intelligence cryptocurrency, is showing signs of a potential comeback after a recent decline. This comes at a time when popular GPU manufacturer Nvidia has experienced a sharp drop in stock price.
Nvidia, an American tech giant known for its Graphics Processing Units (GPU) and its contribution to the development of AI technology, has seen its stock price decrease by 22% in the past six weeks. The company’s market value has fallen from around $2.37 trillion to approximately $2.0 trillion.
This decline has had an impact on AI-focused cryptocurrencies, including Worldcoin, which experienced a significant correction. Between March 10 and April 13, the price of Worldcoin fell by 69%. However, recent developments suggest that Worldcoin is poised for a recovery.
In December, Worldcoin surpassed the $2.71 level and established it as a support base before embarking on a 454% rally. During the recent 69% drop, Worldcoin retested the $4.22 support base, leading to a small increase that could potentially turn into a recovery rally.
The downward trend line, starting from Worldcoin’s all-time high of $11.99, indicates that the bearish trend is still strong. The volume profile indicator shows high-volume nodes that align with the resistance levels at $6.70 and $8.55, which are the next targets for the bulls.
Ideally, the $6.70 resistance level should transform into a support base to boost confidence among potential buyers and encourage more purchases of Worldcoin. However, it’s important to consider the impact of Bitcoin on altcoins, including AI-related tokens. A decline in Bitcoin’s price could cause Worldcoin to drop below $3.70 before any significant rise.
The Relative Strength Index (RSI) has not yet crossed the average level of 50, which could lead to a minor pullback in the Worldcoin price. This presents an opportunity for patient investors to accumulate. The Awesome Oscillator (AO) also indicates declining momentum, and a crossover of the average level of 0 would confirm that the bulls are in control of the price.
It’s important to note that the information provided in this article should not be taken as investment advice. Cryptocurrencies are highly volatile and carry risks, and investors should conduct their own research before making any decisions.
