- Despite controversy, the Worldcoin (WLD) price is showing potential to break out from the $2.50 resistance area, potentially spurring a significant increase.
- The use of biometric data by Worldcoin, specifically iris scanning, has raised concerns globally, prompting some countries to temporarily suspend the project.
The trading patterns of Worldcoin (WLD), the brainchild of OpenAI CEO Sam Altman, have been causing ripples in the cryptosphere. Despite a multitude of concerns revolving around its operations, WLD’s price has shown remarkable resilience.
The Potential Bullish Trend of Worldcoin
At its launch, WLD presented an ambitious approach by attempting to break out from the $2.50 resistance area. This, if successful, could propel the cryptocurrency towards the previous all-time high.
Currently, WLD is trading inside an ascending triangle, a widely recognized bullish pattern. A breakout from this triangle would provide further confirmation of the bullish trend. Yet, a close below the triangle’s support line would hint at a bearish trend, possibly instigating a sharp fall.
Although Worldcoin’s journey has been far from smooth, with its price dwindling post the much-anticipated launch, there’s an ongoing attempt to break a vital horizontal resistance area. In the context of WLD’s trading structure, a breakout above could trigger an increase towards the former all-time high.
Deciphering Worldcoin’s Controversial Identity
Worldcoin’s official tagline “building the world’s largest identity” already reflects a grand ambition. A project born out of the futuristic vision of Sam Altman, it witnessed an impressive number of digital ID signups soon after its launch.
Despite the initial hype, certain practices by Worldcoin have raised eyebrows. For instance, it’s been highlighted that market makers held control over 95% of the total circulating supply at the time of launch. Furthermore, concerns around privacy and ethical practices have cast a shadow over the ambitious project.
A primary point of concern is Worldcoin’s use of biometric data, specifically iris scanning, for providing digital IDs and cryptocurrency. This unusual practice has resulted in an investigation by Germany’s Data Watchdog, while Kenya has temporarily halted the project, seeking additional clarity on its operations.
Predicting Worldcoin’s Price: A New High or Downfall?
Despite the aforementioned concerns, the WLD price prediction remains positive. This optimism comes from the fact that WLD is trading within an ascending triangle, a bullish pattern, hinting at a potential breakout as the most likely future scenario.
A breakout that spans the entire height of the pattern could push the price to $3.20, an increase of 38% from the current price. However, a breakdown from the ascending support line could lead to the invalidation of the triangle and result in the WLD price falling by nearly 10% to reach the $2.10 horizontal support area.
The Global Economy for Everyone: A Close Look at Worldcoin’s Operations
Away from the trading charts, Worldcoin’s operations on the ground are as intriguing as they are controversial. The Worldcoin orb, an eye-catching piece of hardware, scans the irises of users to generate a unique digital identity. As a part of this process, participants are given WLD tokens in exchange for their biometric data, depending on the local regulations.
In certain cities, people are enthusiastically lining up to get their irises scanned. The attraction seems to be the prospect of receiving a novel form of ‘free money.’ However, in others, the reaction has been less positive, with some expressing their concerns via anti-surveillance protests.
Worldcoin’s ambition is impressive, with iris scans happening across 107 locations worldwide. Yet, their privacy regulation remains a subject of debate. They claim to be ‘completely private,’ insisting that they don’t store biometric data unless people opt in. Nonetheless, questions persist from authorities across the globe.
While it remains to be seen whether Worldcoin will successfully break through the $2.50 resistance area, what’s clear is that the crypto world will be watching, captivated by the unfolding drama surrounding this ambitious project.
