Journalist
Posted:
- The price of WLD has increased by 10% in the last 24 hours.
- The price increase was due to the release of the World ID 2.0 upgrade.
World currency [WLD] has risen by double digits in the past 24 hours. This comes after Worldcoin announced a major update to its protocol and integrations with other platforms including Reddit, Telegram, Minecraft, Shopify and Mercado Libre.
Introducing World ID 2.0https://t.co/EklnjoCPlN
— Wereldcoin (@worldcoin) December 13, 2023
Dubbed “World ID 2.0,” the project described the upgrade as “a more powerful, privacy-preserving digital passport to ‘humanity,’ equipped with exciting app integrations and a range of new features.”
In his press releaseWorldcoin commented:
“World ID 2.0 makes it easier to distinguish between bots and verified humans online, while maintaining privacy with popular apps and services with new pre-built integrations.”
Aside from the new integrations, Worldcoin confirmed that it had integrated the upgrade with applications including Discord, Talent Protocol, and Okta’s Auth0.
WLD wins, but there’s a catch
In the last 24 hours, the price of WLD has increased by 10%. Per data from Coin market capitalization, the altcoin was exchanging hands at $2.56 at the time of writing. It has also recorded a 40% increase in trading volume over the same period.
However, a review of the price trend on a daily chart revealed the beginning of a new bear cycle on November 29.
This suggested that the recent rally could be solely due to the hype surrounding the protocol upgrade and not backed by any real demand.
AMBCrypto found that the bear cycle started when WLD’s MACD line crossed below the trend line.
When an asset’s MACD line crosses below the trend line and a downtrend begins, it is considered a bearish signal.
This crossover suggests that the short-term moving average (MACD line) has fallen below the longer-term moving average (signal line), indicating that bears are emerging again.
The move is often interpreted as a signal to sell, as prices typically fall when this happens.
Since the crossover occurred, WLD’s Chaikin Money Flow (CMF) has been below the midline. A CMF value below zero indicates that selling pressure is stronger than buying pressure as liquidity continues to leave the market.
WLD’s CMF was still in negative territory at -0.02 at the time of writing.
Although it was on the verge of crossing the midline, this can be attributed to the increase in trading activity over the past 24 hours.
Realistic or not, here is WLD’s market cap in ETH terms
Finally, the token’s On-balance volume has plummeted since the beginning of the month.
At 242.87 million at the time of writing, it is down 7% since December 1. This suggested that sales activity has since exceeded purchases.
Source: WLD/USDT on TradingView