Technical analysis by alemicihan about Symbol WLD: Buy recommendation (7/23/2024)

Trend Lines and Patterns:The chart shows a descending yellow trend line indicating a downward trend.There is an upward channel marked by a series of blue and orange arrows, suggesting a potential reversal and upward movement.Support and Resistance Levels:Key support levels are marked in red around 2.1932, 2.0727, and 1.8819. These are prices where the asset found buying interest and bounced back up.Key resistance levels are marked in green at 2.4625, 2.2989, 3.5857, 3.7512, and 5.4107. These are prices where selling interest might increase and could potentially halt upward movement.Potential Price Movements:The chart suggests a bullish outlook with a projected rise to the green resistance levels at 3.5857, 3.7512, and 5.4107.The blue rectangle and the percentage (186.38%) indicate a possible target move to 5.4107, which represents a significant increase from the current price of 2.1941.Price Analysis:The price has recently broken above the descending trend line, indicating a potential trend reversal.If the price continues to follow the projected path (blue and orange arrows), it could encounter resistance at the identified levels before potentially moving higher.In summary, after a significant downtrend, WLD/USDT may be preparing for a bullish reversal, aiming for the higher resistance levels, with a potential substantial price increase if the bullish momentum continues.