Worldcoin jumps 10%: can WLD break $0.45 as traders pile in?

Bitcoin (BTC), Ethereum (ETH), and Ripple  (XRP) are all in the green as the broader cryptocurrency market recovered from Sunday’s dump.

Bitcoin is now approaching the $75,000 level, while Ether is targeting $2,500 after a 9% surge in the last 24 hours. 

WLD, the native coin of the Worldcoin ecosystem, is one of the best performers among the top 100 cryptocurrencies by market cap.

The coin is up 10% in the last 24 hours, outperforming Bitcoin and Ether in the process. 

Worldcoin (WLD) extended gains above $0.3200 at press time on Tuesday after a roughly 8% rise the previous day.

The recovery aligns with the broader market's rising risk appetite linked to the US-Iran peace negotiations, prompting traders to turn to WLD derivatives. 

Technical indicators also suggest that Worldcoin’s price could rally higher in the near term, with a medium-term target of the $0.4500 psychological level.

Worldcoin surges as the broader market recovers

WLD is currently showing signs of a steady recovery since the announcement of US-Iran peace talks on April 7, resulting in 15% gains last week. 

Derivatives data suggest that more traders are entering the Worldcoin ecosystem.

Data obtained from CoinGlass reveals a 23% rise in WLD futures Open Interest (OI) over the last 24 hours, suggesting a positional buildup amid growing anticipation among traders. 

The OI now reads $250.73 million, its highest in over a month.

The OI-weighted funding rate turns positive to 0.0047%, from -0.0017% the previous day, suggesting near-term buy-side inclination. 

The increasing OI and the OI-weighted funding rate turning positive indicate that fresh capital is entering the Worldcoin ecosystem.

With retail traders opening more long positions, WLD’s price could increase in the near term. 

Worldcoin price forecast: WLD targets breakout to $0.4500

The WLD/USD 4-hour chart is bullish and efficient as Worldcoin has been one of the best performers in recent days. 

The coin currently holds a near-term bullish bias, with the buyers looking to push its price higher. WLD is now approaching the 50-day Exponential Moving Average (EMA) at $0.3259.

Surpassing the 50-day EMA would pave the way for further rally in the near term, with the $0.4036 March 16 high the next target. 

A daily candle close above this level would allow WLD to extend its rally towards the $0.4500 psychological point. 

The Relative Strength Index around 73 and a positive, rising Moving Average Convergence Divergence (MACD) histogram hint that short-term upside could push WLD higher and break the downward structure. 

However, if the breakout fails, WLD could encounter further selloff in the near term. Initial support is seen near the prior trendline break area around $0.3151.

A daily candle close below this level would expose the recent swing low zone anchored by the 0.0% Fibonacci level at $0.2389.

Similar to other major cryptocurrencies, WLD’s performance could be affected by the negotiations between the United States and Iran.