Amid bearish sentiment affecting Bitcoin and other altcoins, Worldcoin – a recently introduced cryptocurrency – is in the spotlight. After the initial skyrocketing surge on launch day, WLD’s price has entered a declining path, punctuated by occasional minor rebounds. However, after hitting an all-time low on Binance, Worldcoin has seen a strong wave of buying activity today, triggering a significant recovery. This reversal opens the door for further gains, especially if the coin can break a key technical pattern.
Worldcoin Surges Despite Regulatory Hurdles
Growing government interest is in Worldcoin, a cryptocurrency initiative co-launched by OpenAI CEO Sam Altman and debuted in July. Nearly 2.3 million people worldwide have chosen to have iris scans through Worldcoin’s specialized “orb” devices. In return, they receive a digital ID and free cryptocurrency.
Worldcoin has drawn criticism from privacy advocates for its data collection practices. The company claims that all collected biometric information is erased or securely encrypted and emphasizes its commitment to cooperation with regulatory authorities.
Despite criticism, Worldcoin has posted a record performance as it registered more than 9,500 users in Argentina in just one day in August. To reach this milestone, onboarding facilitators processed the participants at an impressive speed, averaging less than nine seconds per individual.
According to IntoTheBlock’s analysis, Worldcoin’s volatility has seen a notable increase in recent days, rising from 76.98% to 87.8%. This suggests that WLD traders are becoming increasingly involved as a result of the coin’s recent recovery from its support levels. Increased volatility often indicates greater price swings, which could result in the higher channel pattern breaking or a significant bearish decline.
What’s next for the WLD price?
WLD price recently surged above its bearish zone, close to USD 1.1; however, the bears are trying to slow the rise as the price faced a bearish reversal near USD 1.2. At the time of writing, the WLD price is trading at USD 1.15, up more than 7.5% in the past 24 hours.
This keeps WLD price trapped below the 100-day EMA trendline and within the upper trendline of the pattern. However, the rising 20-day EMA and the RSI level approaching overbought territory suggest that buyers have an advantage in pushing the price north. If the bulls want to stop a downtrend, they need to push the price above the uptrend line of the pattern. Success in this move could see the price move towards the 100-day EMA to $1.26 and possibly even rise to $1.56.
On the other hand, if the price were to drop below the EMA20, we could see an acceleration in selling pressure, possibly pushing the price down to the crucial $1 support.