The price of Worldcoin (WLD) is anticipated to increase following Nvidia‘s earnings announcement today, after a week of consolidation. Nvidia (NVDA) has recently garnered attention with its strong earnings, significantly affecting the market for AI-based altcoins like WLD. This development could serve as a crucial catalyst for WLD’s price surge if it surpasses expectations.
How Linked are Worldcoin and Nvidia?
In its previous earnings report, Nvidia’s earnings per share surpassed analysts’ estimates by 12.34%. This unexpected rise notably impacted AI coins, especially Worldcoin, which saw prices increase up to 50% between February 21 and 22.
Similarly, a 19.4% positive surprise in Nvidia’s November earnings report led to a roughly 20% rise in Worldcoin from its daily low. If Nvidia’s actual earnings once again exceed projected figures, AI tokens, particularly WLD, might experience significant value hikes.
What’s the Outlook for WLD Price?
Worldcoin’s price has declined by 69% from its all-time high of $11.97 on March 10, consolidating between $4.59 and $5.24 over the past week. The weekly support level of $4.59 has boosted WLD by 7%, with the current trading value at $5.07.
Nvidia’s imminent earnings could potentially turn the $5.24 level into a support point, breaking away from the current price range. This could propel WLD to rise by up to 20%, aiming for the next daily resistance level of $6.30 from May 13. However, the surge might stall around the psychological mark of $6.
Key Takeaways for Investors
• Nvidia’s earnings exceeding expectations could drive WLD’s price up to $6.30.
• A weaker-than-expected report may cause WLD to fall below $4.59, with the potential to drop further to $4.20.
• Closing below $4.20 could trigger a 9% decline toward $3.69, invalidating the bullish outlook.
Result
If Nvidia’s earnings report falls short, WLD could face a downward trend, possibly dropping to $4.59. This could trigger a 10% drop to test the weekly support level at $4.20. If the broader crypto market remains positive, this may present a buying opportunity for investors. Conversely, if Worldcoin closes below $4.20, it could signify market weakness, potentially leading to a 9% correction towards the April 13 low of $3.69.