Amid bearish sentiment affecting Bitcoin and other altcoins, Worldcoin—a recently debuted cryptocurrency—is capturing the spotlight. Following its initial skyrocketing rise on launch day, WLD’s price has been on 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, staging a significant recovery. This turnaround opens the door for further gains, especially if the coin can break through a key technical pattern.
Worldcoin Surges Despite Regulatory Hurdles
Rising governmental interest is being directed towards Worldcoin, a cryptocurrency initiative co-launched by OpenAI CEO Sam Altman, which made its debut in July. Close to 2.3 million individuals worldwide have opted to undergo iris scans via Worldcoin’s specialized “orb” devices. In return, they receive a digital ID along with complimentary cryptocurrency.
Worldcoin has faced criticism from privacy advocates for its data-gathering practices. The company asserts that all collected biometric information is either erased or securely encrypted and emphasizes its dedication to collaborating with regulatory authorities.
Despite facing criticism, Worldcoin made a record-breaking achievement as it registered more than 9,500 users in Argentina in just one day in August. To accomplish this milestone, onboarding facilitators processed participants at an impressive speed, averaging less than nine seconds per individual.
As per IntoTheBlock’s analysis, Worldcoin’s volatility has seen a notable uptick in recent days, jumping from 76.98% to 87.8%. This suggests that WLD traders are becoming more engaged due to the coin’s recent rebound from its support levels. Increased volatility often signals greater price fluctuations, which could either result in breaking through an upper channel pattern or triggering a significant bearish decline.
What’s Next For WLD Price?
WLD price recently surged above its bearish zone near $1.1; however, bears are attempting to slow down the surge as the price faced a bearish reversal near $1.2. As of writing, WLD price is trading at $1.15, surging over 7.5% in the last 24 hours.
This leaves the WLD price trapped below the 100-day EMA trend line and within the upper trend line of the pattern. However, the surging 20-day EMA and the RSI level nearing the overbought region suggest that buyers have an advantage in pushing the price toward the North. For the bulls to halt a downward trend, they’ll need to push the price above the pattern’s uptrend line. Success in this move could see the price surge to the 100-day EMA at $1.26 and possibly even rally to $1.56.
On the other hand, if the price dips below EMA20, we could see an acceleration in selling pressure, potentially driving the price down to the crucial support at $1.