Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on the crypto market.
Worldcoin (WLD) Market Update
Worldcoin is currently trading at $1.49, which is a big drop from its all-time high of $11. Since reaching that peak, it’s been moving in a consistent downward trend for about 193 days. But there’s reason to believe that this trend may be coming to an end.
We’re about to see a shift towards a bullish trend for Worldcoin. If you look at its technicals, you’ll notice that the price has been consolidating around key support levels. It’s been holding at this position for quite some time now, which indicates that a breakout could be on the horizon.
One of the most evident signs of this potential shift comes from the RSI indicator on the daily timeframe. While prices have been trending down, the RSI is now moving upwards. This is called a bullish divergence, where the RSI trends higher even as prices move lower, which often signals an upcoming surge in price. It’s one of the earliest signs that a reversal could happen in the coming days or weeks.
Next, let’s examine the moving averages. The 50-day moving average, or 50MA, shown in red, has acted as a strong resistance level for WLD. If you zoom in on the chart, you can see that the price has been trying to test this level again. If Worldcoin can break above this 50MA, that would strongly confirm a new bullish trend, and we could see prices start climbing higher.
Worldcoin Recent Developments
But that’s not all. There’s more exciting news for Worldcoin. The project just announced its expansion to the Solana blockchain.
According to a new blog post from Sam Altman’s Worldcoin, they’re jumping to Solana via the Wormhole interoperability platform. This is a big deal because Worldcoin’s decentralized identity protocol, known as World ID, was originally built on the Ethereum blockchain. Now, users can authenticate IDs on Solana that were first minted on Ethereum.
World ID is designed to create a more human-focused crypto ecosystem where users can prove they are real people rather than bots without compromising privacy. This expansion to Solana could make Worldcoin even more efficient and scalable, especially given Solana’s reputation for low fees and high transaction speeds.
Furthermore, in April of this year, Worldcoin launched its own layer-2 blockchain on Ethereum called World Chain. This move aimed to tackle the growing problem of bots on blockchain networks. It’s estimated that up to 80% of blockchain transactions are automated, and while some are legitimate, many bots, like those involved in airdrop farming, end up congesting networks and driving up transaction costs.
World Chain addresses this issue with World ID, allowing users to verify their humanity anonymously using zero-knowledge proofs. This means that even though users’ identities remain private, they can still get a verification, similar to a blue checkmark, showing that they are real people and not bots. This could make Worldcoin’s ecosystem more secure and more appealing to users looking for a blockchain with fewer bots and lower transaction fees.
Recommended: What Is Worldcoin (WLD)? All You Need To Know
Final Thoughts
To wrap it up, WLD’s technical indicators are showing bullish signs, suggesting we could see a price reversal soon. Plus, with the expansion to Solana and its own layer-2 blockchain launch, the token is positioning itself as a more scalable and efficient project in the crypto space. These developments could drive further interest in the coin and soon lead to a positive price movement.
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