In recent months, Worldcoin has been the subject of significant attention over its interesting and controversial approach to creating a blockchain-based identity solution for humans in the impending age of artificial intelligence (AI).
The project sparked enthusiasm and controversy among blockchain faithful and skeptics alike and also managed to draw the ire of privacy regulators worldwide.
Despite this onslaught of criticisms and regulatory woes, the project’s token (WLD) has maintained a healthy price action and could even be looking to eclipse its all-time high in the next few weeks.
According to the project developers, WLD is an essential component of the project’s operations, facilitating the project’s goals of promoting financial inclusion and efficient wealth distribution. Currently, the project gives 25 WLDs to every user that visits its “Orb centres” to scan their irises and obtain a World lD.
However, critics have labeled Worldcoin’s promise of crypto tokens in exchange for scanning users’ irises “dystopian.” Some even compared it to bribery. However, the market doesn’t seem to share this sentiment.
WLD’s Impressive Price Movement
Since its launch in July 2023, WLD has recorded significant market activity. Notable cryptocurrency exchanges, including OKX and Binance, have listed the token for trading. Despite occasional downward movements, it has generally followed an upward price trajectory.
Healthy Price Action
WLD has maintained an upward price trend for the past 18 days, coupled with consistently high transaction volumes. It is one of the best-performing assets, particularly among privacy coins. Its daily trading volume stands at $148,700,162, ranking 23rd among all cryptocurrencies.
WLD has sustained this positive price momentum despite a brief sell-off following its launch and multiple regulatory actions against the project, which initially affected investor confidence.
Popularity Amid Scrutiny
Worldcoin still appears to be gaining traction globally, notably in Latin American countries, despite regulatory hurdles. For instance, the project team reported signing up 200,000 Chileans since its inception. Considering Chile’s approximate population of 19.5 million, the reported figures suggest that more than 1% of the population has signed up to receive WLD.
Worldcoin also reportedly verified over 9,500 Argentines in a single day in August, at a rate of one verification every nine seconds, despite having only four verification stations in Argentina.
Bitcoin Volatility Does Not Affect Worldcoin(WLD) Yet.
Bitcoin is known for its volatility, and it often affects the entire cryptocurrency market. In the past month, Bitcoin’s price has been fluctuating drastically, ranging between $27, 400 and $25, 600.
As a result, the prices of many other assets that have a direct or indirect connection to Bitcoin have also been affected. However, the price of WLD has remained relatively stable and unaffected by this.
What Does This Mean For the Crypto Market & the Project?
WLD’s current price trajectory suggests sustained buying pressure, a positive sign for investors. The high trading volume further confirms significant interest in the asset.
Another thing to consider is the support and resistance levels. These values are quite important because they can help traders identify trading opportunities and assess risk in a crypto asset. WLD’s support level is currently at $1, and the resistance level is at $2.4. A break above $2.4 would be a bullish signal and could lead to further gains. However, a break below $1 would be a bearish signal and could lead to further losses.
In Conclusion
Worldcoin is an interesting project with lofty promises, yet it must address concerns about its motives and data collection practices, especially in emerging markets. The project team continues to prioritize data collection and this may pose risks to the project’s stability and the value of its WLD token because of the prevailing narrative.
Therefore, investors should exercise caution and conduct thorough research before considering long-term investments in WLD..
As for the question of whether to invest in WLD for the long term if it breaks the $2.4 resistance, it’s important to remember that this analysis is based on historical data and does not guarantee future results. Investors should always conduct their own research and due diligence before making investment decisions.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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