A closely followed crypto strategist is warning that one red-hot yet controversial altcoin is on the verge of a collapse.
Pseudonymous analyst Altcoin Sherpa tells his 196,600 followers on the social media platform X that Worldcoin (WLD) could decline at least 34% from its current value.
“WLD: was a great long for this, but I think it looks tired. I’m already out of this trade but if you are currently long, I would consider cutting it soon.
I think it ultimately goes to less than a $1 longer term and this is going to head all the way down. Small bounce at $1.50 though.”
Looking at his chart, the trader seems to think that Worldcoin is in a downward trend after facing resistance near the $1.90 level and will likely retest the 200-day single moving average (SMA) at the $1.50 range.
WLD hit a low of $0.978 in mid-September and soared to a high of $1.88 on September 28th, a 92% increase. The token has since retraced and is trading for $1.50 at time of writing, down 9.1% in the last 24 hours.
The trader is also closely watching Ethereum (ETH) competitor Solana (SOL) to see if it will break a key resistance level to confirm bullish momentum.
“SOL: this area coming up is a pivotal area. $26 has been a key region for S/R (support/resistance). I still think this one will be a good buy and hold for six-plus months, to be honest, one of the few you can probably invest in.
As for trading? Wouldn’t buy until it breaks $26 personally.”
SOL is trading for $23.16 at time of writing, down 1.2% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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