Worldcoin (WLD) has been experiencing consistent growth for eight consecutive days, while BEAM has seen growth for three days. It’s interesting to analyze how long these two cryptocurrencies can sustain their current upward trajectory.
WLD displays parabolic growth
Since breaking out of the descending resistance line on February 7, the price of WLD has been following a parabolic upward trend. On February 12, the price surged by over 200%, entering a parabolic phase.
Today, WLD reached a new all-time high of $7.67. If the token continues its bullish momentum, it could form the eighth consecutive bullish daily candle. The price has surpassed the 1.61 Fibonacci level of the external correction, which was at $6.45.
Elliott wave analysis indicates that WLD is poised for further growth. Based on the most likely scenario, the price is currently in the third wave of a five-wave upward movement.
If the upward trend continues, WLD could potentially rise by another 22% and reach the next resistance level at $9.15.
Source: TradingView
Conversely, a daily close below $6.45 would suggest that the local high has already been reached. This could lead to a 35% drop in WLD, potentially bringing it down to the nearest support level at $4.90.
BEAM breaks boundaries
Similar to WLD, BEAM experienced a breakthrough of the descending resistance line on February 8, leading to a parabolic upward trend. The token surpassed the $0.26 area and established it as a support level (green icon), and today set a new all-time high at $0.035.
Prominent cryptocurrency analyst InmortalCrypto noted that this bullish breakout resulted in gains of over 80% on their BEAM position.
The daily relative strength index (RSI) further supports bullish gains, sitting above the neutral level of 50 and trending upwards.
BEAM has nearly reached the nearest resistance at $0.037, which is formed by the 1.61 Fib level of the previous decline’s external correction. If this resistance is breached, it could trigger a 50% rally towards the subsequent resistance level at $0.052.
Source: TradingView
Despite the positive outlook, if BEAM faces resistance at $0.036 and fails to surpass it, a 20% drop to the nearest support level at $0.26 could be anticipated.
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