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Worldcoin (WLD) surges 17% amidst market decline

TL;DR

  • Worldcoin’s price jumped 17% to $5.26 amid market decline, fueled by World App’s 1M daily users milestone.
  • The technical analysis predicts a bullish trend for WLD, with resistance at $5.50 and support at $4.83, but short-term dips are possible.
  • Open Interest data shows rising buyer activity, with Worldcoin’s Open Interest at $174.84M, indicating growing investor interest.

In a surprising turn of events amidst a general decline in the cryptocurrency market, Worldcoin (WLD) witnessed a staggering surge of 17% over the past 24 hours, as per data from CoinMarketCap. The token was valued at $5.26 at press time, although it had initially flirted with the $5.50 mark before experiencing a slight pullback.

World app milestone drives demand

The surge in Worldcoin’s price can be attributed to the announcement of the project’s official X handle on February 17. The announcement revealed that World App, the native wallet of the Worldcoin project, had surpassed 1 million daily users. 

World App is specifically designed to facilitate digital identity and global finance for its users, and this milestone indicated an incredible adoption rate for the project. Consequently, demand for WLD surged, propelling its price upward.

Technical analysis indicates a bullish outlook

From a technical standpoint, WLD broke through the $4.55 resistance level, signaling a bullish trend. Analysis of the Exponential Moving Average (EMA) further reinforced this bullish outlook. The 9 EMA (blue) was $4.83, while the 20 EMA (yellow) was $4.33. 

A bullish bias was indicated by the crossover of the 9 EMA over the 20 EMA, confirming that buyers were firmly in control of the market direction.

Potential price movements and open interest analysis

If WLD maintains its position above the EMAs, retesting the $5.50 mark is possible. However, short-term profit-taking could lead to a temporary dip, with the price potentially falling below $4.83. A 10% correction for the cryptocurrency might be triggered in such a scenario, with a potential downside target of $4.17.

On the flip side, sustained buying momentum from bulls could propel the price of WLD towards $6. Analysis of Open Interest, as per Coinglass data, revealed a notable increase of 24.61%. At present, Worldcoin’s Open Interest stands at $174.84 million. This metric reflects the total amount of open contracts, with an increase indicating a more aggressive stance from buyers compared to sellers.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Ibrahim Abdulaziz

A fervent advocate, Ibrahim shares his wealth of knowledge on crypto and blockchain technology in an engaging and informative style. He frequents places where influencers gather for his next scoop. His vision is that the decentralized nature, security features, and potential for financial inclusion will drive widespread massive crypto adoption.

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