WLD surges 19% as Worlcoin launches World ID Passport Credential pilot

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As an experienced crypto investor with a knack for spotting promising projects and a keen eye for technical analysis, I find myself intrigued by the recent surge of Worldcoin (WLD). Having navigated through numerous bull and bear markets, I must admit that the current rally is reminiscent of the early days of Bitcoin – exciting, unpredictable, and potentially lucrative.

Previously known as Worldcoin, the organization experienced a surge in its native token WLD within the past day following their announcement about the initiation of the pilot program for the World ID Passport Credential in various nations.

In the last 24 hours, Worldcoin (WLD) experienced a significant increase of more than 19%, reaching a peak of $3.03 – a level not seen for five months on November 29th. At the time this text was written, it had slightly dipped to $2.88. This surge in value boosted Worldcoin’s market capitalization above the $2 billion mark, and its daily trading volume also skyrocketed by an impressive 122%.

As a researcher immersed in the cryptocurrency landscape, I observed an uptick in the altcoin’s performance following the announcement by the project now known as World (formerly Worldcoin), detailing their pilot of World ID Credentials in chosen countries such as Chile, Colombia, Malaysia, and South Korea.

On iOS devices, a unique feature is now accessible which empowers residents of certain nations to connect their NFC-compatible passports with their World ID. This connection enables them to obtain WLD tokens effortlessly, bypassing the conventional, face-to-face iris scan process via The Orb.

After the announcement, there was a significant surge of approximately 21.8% in the number of open positions for WLD futures, reaching $418.31 million as per CoinGlass statistics. This rise mirrors the growing enthusiasm among traders, contributing to the recent market upswing.

WLD could rally to $12

The declaration has sparked optimistic predictions amongst analysts about WLD’s possible future growth, as they identify $12 as a potential next milestone for the token. (Check below for more details.)

$WLD

Double digits coming to a chart near you

— Trader Koala (@trader_koala) November 28, 2024

Similarly, certain analysts are highlighting several positive technical trends suggesting the upward trend may continue.

An analyst known as CryptoBull_360, who uses a pseudonym, has highlighted that the cryptocurrency WLD appears to have formed an ascending triangle pattern on its 4-hour price chart. This pattern is often seen as a bullish indicator within technical analysis. If the price of WLD manages to break above the resistance zone between $2.8 and $3, it could potentially lead to gains surpassing 50% in the immediate future, according to the chart he provided.

A positive argument for WLD was put forward by another trader named Han Ji Ahn, who pointed out a prolonged cup-and-handle formation. This setup might indicate that WLD is poised for an increase toward the $12 price point and potentially even reach $20 within the next few months.

Trend strength remains strong

Looking at the 24-hour chart for WLD/USDT, it’s clear that the token is currently being traded above its upper Bollinger Band. This suggests that there’s consistent and robust purchasing activity taking place.

As an analyst, I find myself observing a promising scenario with the Relative Strength Index sitting at 65, and the Average Directional Index at 27. This suggests that the bullish momentum has ample potential for further expansion.

Additionally, since Bitcoin struggles to break through the significant $100,000 barrier, it’s anticipated that WLD could gain from this trend as well, as more attention seems to be directed towards alternative cryptocurrencies by investors.

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2024-11-29 15:14