Worldcoin's WLD token could erase a large portion of its latest rebound after failing to sustain a breakout above a rising resistance trendline.
As of Aug. 10, WLD was trading near $0.339, down sharply from its intraday high around $0.354. The rejection has appeared near a confluence of technical resistance levels, increasing the probability of a pullback toward $0.30.
WLD Broadening Formation Points Toward $0.30
WLD's four-hour chart shows what appears to be a right-angled ascending broadening formation, characterized by a rising upper trendline and relatively flat support near $0.299–$0.300.
WLD briefly broke above the formation's upper boundary on Aug. 10 but was quickly rejected near $0.35–$0.355, where its 200-period EMAand 1.0 Fibonacci levelconverge.
The failed breakout raises the risk of a pullback toward the $0.318–$0.326support cluster. A breakdown there could send WLD toward the formation's lower boundary near $0.30, also close to the 1.618 Fib extension at $0.2996.
That would imply an approximately 11%–12% declinefrom current levels. A decisive reclaim of $0.355would invalidate the immediate bearish setup.
WLD Descending Channel Targets $0.225
WLD's daily chart reinforces the bearish outlook, with the token continuing to trade inside a descending parallel channelthat has guided prices lower since the June peak near $0.65.
The latest rebound toward $0.34 is now testing the channel's upper trendline alongside the 0.236 Fibonacci level at $0.3441, creating another potential rejection zone.
A renewed pullback could send WLD toward the channel's lower boundary over the coming weeks. That support is gradually converging with the 0.0 Fibonacci retracement level near $0.2254, implying a potential decline of roughly 34%from current prices.
A decisive breakout above the channel would invalidate the bearish setup.
This article was originally posted on FX Empire
