Crypto Expert Altcoin Sherpa Sounds Warning Bells on Worldcoin (WLD)
A well-known cryptocurrency analyst has expressed concerns about the future of a highly discussed altcoin, emphasizing the possibility of a significant downturn.
The pseudonymous crypto expert, known as Altcoin Sherpa, suggested that Worldcoin (WLD) may experience a substantial decrease, potentially as much as 34%, from its current valuation.
Altcoin Sherpa believes that Worldcoin (WLD) may have lost its momentum, and he has already exited his position. For those currently holding long positions, he advises considering reducing them soon. In the long term, he anticipates that the value of Worldcoin could drop to less than $1, with a potential minor rebound around the $1.50 mark.
Analyzing his charts, the trader appears to indicate that Worldcoin is currently following a downward trajectory after encountering resistance near the $1.90 threshold, with a potential retest of the 200-day simple moving average (SMA) in the $1.50 range.
Worldcoin (WLD) experienced a low of $0.978 in mid-September, subsequently surging to a peak of $1.88 on September 28th, representing an impressive 92% increase. However, the token has since retraced and is presently trading at $1.50 at the time of this report, marking a 9.1% decline over the past 24 hours.
In addition to his concerns about Worldcoin, Altcoin Sherpa is closely monitoring Solana (SOL), a competitor to Ethereum (ETH), to gauge whether it can surpass a crucial resistance level, thereby confirming a bullish trend.
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Regarding Solana (SOL), Altcoin Sherpa highlights the upcoming zone’s significance, noting that historically, the $26 range has played a pivotal role in terms of support and resistance.
He personally believes that this asset could be a promising long-term investment, possibly for a duration exceeding six months, standing out as one of the few options worth considering for investment purposes. However, he advises caution for trading purposes and suggests waiting until it surpasses the $26 mark.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
