The price of Worldcoin (WLD) experienced a period of volatility during its debut on mainstream cryptocurrency exchanges but has since stabilized. On July 29, the WLD price increased by nearly 6% to reach $2.35. However, it was still down 70% from its peak price of $7.50. Currently, the token seems to be trading within the range of $2 to $2.50, indicating a conflicting bias in the market.
WLD is a token that is affiliated with the Worldcoin Foundation, launched by Sam Altman of OpenAI on July 24. The maximum circulation supply of WLD is 143 million, with 43 million being distributed to Worldcoin’s app users through an airdrop. Users can receive 25 WLD by verifying their identity using an eye-scanning physical orb.
The remaining 100 million tokens have been loaned to market makers outside of the United States until October 2023. These market makers have the option to return the WLD tokens or purchase them for a price of $2 plus ($0.04 multiplied by X), where X represents the number of tokens being purchased divided by 1 million.
As a result, the price of WLD appears to be anchored around the $2 level, which is a strategic move by Worldcoin to make the token more appealing to potential users. Kaiko Research, a data analysis firm, mentioned in a report that convincing people to scan their eyes for a token that does not yet exist can be challenging, especially if the token’s price is low. However, the current value of the 25 WLD tokens being distributed is a little over $50, which seems to be enticing people to sign up and participate.
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When analyzing the technical aspects of the Worldcoin price, it is worth noting that the number of Optimism wallets holding WLD tokens has increased to nearly 305,000 since July 24. This indicates a growing interest and trust in the token, as more investors choose to hold it rather than trade it.
On the other hand, the transfer volume of WLD has decreased during the same period, suggesting that most traders prefer to hold onto their tokens instead of selling or transferring them.
Given that WLD is a newly launched token, there is limited trading history available to conduct a long-term price analysis. However, on shorter timeframe charts, the token appears to be fluctuating within an ascending channel pattern.
As of June 29, the price of WLD was trading near the lower trendline of the channel. There is a possibility of a rebound towards the range of $2.35 to $2.40, marked as “resistance 1” in the chart. A close above the upper trendline could further boost the price towards the range of $2.50 to $2.56, marking a potential 12% increase from current levels.
On the downside, breaking below the lower trendline could push the WLD price into the range of $2.15 to $2.20, marked as “support 1”. If the price continues to decline, the next target would be the $2 to $2.10 range, representing a 10% decrease from current levels.
It is essential to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment before making any investment or trading decisions, as every move involves risk.
