As a seasoned crypto investor with a knack for spotting promising projects, I’ve been closely watching Worldcoin (WLD) lately. With its recent expansion to more countries and the surge in user registrations, I can’t help but feel a sense of excitement about this token. The double-bottom pattern on WLD’s price chart and the upward trend in technical indicators are strong signals that we might be witnessing a significant recovery.
As an analyst, I’ve observed that Worldcoin has experienced a three-day upward trend following the expansion of its product launches into additional nations by the development team.
Worldcoin launches in more countries
Worldcoin’s token (WLD) is back testing a significant resistance point at $2, marking its highest price since early August. Remarkably, the token has soared more than 54% from its lowest value recorded in August.
Developers declared that they initiated the rollout of World ID across Guatemala, Malaysia, and Poland. Furthermore, users can access Worldcoin in other locations such as Argentina, Chile, Austria, Mexico, and the USA.
1 week, 3 World ID verification launches 🇬🇹🇲🇾🇵🇱
— Worldcoin (@worldcoin) September 25, 2024
As stated on their site, the developers have completed more than 6.7 million identity verifications worldwide, and approximately 155,000 new accounts have signed up over the past week.
At the same time, we’ve seen a significant increase in total wallet transactions reaching 142 million, and daily wallet transactions climbing close to 400,000.
Worldcoin, initiated by Sam Altman, is additionally developing World Chain, a scalable network built upon Ethereum‘s second layer. Notably, Sam Altman serves as the co-founder and CEO of OpenAI, the innovative firm responsible for ChatGPT.
Developers anticipate that initiating this new chain will help reduce transaction fees (gas fees) and streamline the scaling procedure. Moreover, this chain aims to integrate World ID data to deter automated bots, while verified users are expected to contribute a portion of the gas fees generated by the network.
A key concern among users and policymakers is about data privacy. For example, World ID registrations were paused for a few months in Kenya as thousands of people lined up to be verified. It also encountered privacy issues in places like Hong Kong and Portugal.Â
Worldcoin may have bottomed
The bounce back of WLD took place following its solid backing at the price point of $1.3245, where it established a double-bottom formation.
Since then, the coin’s price has surpassed the neckline at $1.95. The Average Directional Index is trending upward, while WLD now resides on the upper part of the broad Bollinger Bands. Furthermore, the Relative Strength Index has climbed to 70, suggesting it’s overbought.
It appears that Worldcoin might keep climbing, with the notable benchmark to keep an eye on at around $3.25 – its peak level achieved in July so far.
The progress of this recovery is strongly influenced by how well other digital currencies, with a special focus on Bitcoin (BTC), perform. Should Bitcoin reach a new peak, as suggested by Polymarket users, altcoins such as WLD are likely to surge as well.
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2024-09-25 20:18