Worldcoin/Tether (WLDUSDT) Market Overview – 24-Hour Summary

• Price action shows a bearish drift, with a 24-hour low of $0.698.
• RSI and MACD hint at weakening momentum, with potential oversold conditions.
• Volatility increased in the final hours, pushing price closer to key support levels.
• Volume spiked during the sell-off, indicating heightened bearish activity.
• Fibonacci retracements highlight potential support near $0.690–$0.695.

Worldcoin/Tether (WLDUSDT) opened at $0.731 (12:00 ET - 1) and fluctuated throughout the 24-hour period, reaching a high of $0.745 and a low of $0.698 before closing at $0.698 (12:00 ET). Total volume amounted to 9,784,958.1, while turnover totaled $6,840,902.5. The pair shows signs of bearish exhaustion, with price consolidating near critical support levels.

Structure & Formations

Price action reveals a descending pattern throughout the 24-hour period, with a bearish flag forming between $0.715 and $0.745. A notable bearish engulfing pattern emerged around $0.733–$0.738, signaling a shift in sentiment. A long-legged doji appeared at $0.702, hinting at indecision. Key support levels now appear at $0.709 and $0.695, with resistance near $0.723 and $0.735.

Moving Averages and Bollinger Bands

On the 15-minute chart, price has fallen below both the 20 and 50-period SMAs, reinforcing the bearish bias. Volatility spiked in the final hours, as reflected in the widening Bollinger Bands. Price currently sits just below the lower band at $0.698, indicating oversold conditions that may prompt a near-term bounce.

MACD & RSI

The MACD crossed into negative territory with a bearish signal line crossover, suggesting fading bullish momentum. RSI has dropped to 30, entering oversold territory, though without immediate reversal signs. This suggests a potential rebound could be on the cards, though confirmation is needed before taking long positions.

Volume & Turnover

Volume surged during the final hours of the 24-hour window, aligning with the sharp decline in price. Notional turnover also spiked, indicating increased selling pressure. However, divergence between price and volume has not yet emerged, suggesting the bearish move is still credible for now.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from $0.745 to $0.698, key retracement levels include $0.725 (38.2%) and $0.715 (61.8%). On the daily chart, 61.8% retracement aligns with the $0.709 level, which has held multiple times in the last few days. These levels may serve as critical decision points for short-term traders.

Backtest Hypothesis

Given the lack of historical data for WLDUSDT prior to July 2023, the ideal approach is to backtest a MACD Death-Cross strategy using the first available data (around July 24, 2023) through today. This strategy involves entering short positions when the MACD line crosses below the signal line, with stop-loss and take-profit levels defined by key Fibonacci and support/resistance levels identified in the current 24-hour analysis. Initial backtesting could reveal the viability of this approach in a volatile, lower-timeframe environment such as 15-minute trading. This aligns with the current bearish momentum and oversold conditions observed in the market.