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On July 24, Worldcoin (WLD), the native token of the “privacy-preserving digital identity (World ID)” project founded by OpenAI co-founder Sam Altman, experienced a remarkable surge in value after being listed on major crypto exchanges.
However, after showing promise and attracting a fair share of investors, WLD is now facing a challenging period, with its price plummeting towards new lows.
WLD Price Rebounds on Uptrend Line
As of 7:17am EST, WLD is trading at $2.22, indicating a 1.5% drop in the past 24hrs.
Presently, only 1% of the total supply is in circulation, leading to a fully diluted market capitalization surpassing $22 billion for Worldcoin. Additionally, Worldcoin shows a major price decline, recording a 32% drop from its resistance level.
WLD/USD Chart
The WLD/USD chart shows that the price has declined below the 50-day simple moving average and settled on the lower bullish trendline (yellow line). However, there has been a subsequent rebound on this trendline, indicating a potential foothold for the bulls.
But, the WLD/USD pair faces resistance at the 50 EMA. If it breaks above this average, it could gain upward momentum and reach the resistance level of $2.76. On the other hand, if the SMA holds firm, the price may drop to the bullish trendline or even below it to the support level of $1.86.
The rebound on the uptrend line is supported by a double bottom formation formed by two distinct lows resting on the bullish trendline. This pattern suggests a bullish momentum that could drive the price higher.
In terms of technical indicators, both the relative strength index (RSI) and Awesome Oscillator (AO) further suggest the upward movement of WLD/USD. The RSI is trading above its neutral position at 50, indicating slight buying pressure, while the AO is bullish and trading above its neutral position.
Based on the analysis above, the price of WLD is balanced on the 5O EMA. If the price breaks above the moving average, it could give the bulls’ wings to propel the price to a $2.76 high.
Conversely, a daily candlestick close below the 50 EMA at $2.22 would see the crypto drop first toward the recent low at $2.10. A drop could further force the bulls to retreat toward the $1.86 psychological support level.
Investors seeking to enjoy high returns in the short term could consider investing in DeeLance, which has been gaining traction in its ongoing presale phase.
Deelance (DLANCE) – Alternative to Worldcoin
DeeLance is building an innovative metaverse powered by crypto and NFTs that brings together freelancers and employers. It could be a game-changer for the remote gig working industry and the massive $761 billion-dollar recruitment sector.
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DeeLance is here to make it happen!
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— DeeLance (@deelance_com) July 25, 2023
The project has already raised an impressive $1.67 million through sales of its native $DLANCE token. It aims to revolutionize remote working and the recruitment sector permanently. Take advantage of this exciting opportunity to be a part of DeeLance’s future success!
The presale, set to conclude in just 2 days, is the last opportunity for investors to acquire $DLANCE tokens at the current presale price of $0.048. Once the presale ends, the only option to obtain $DLANCE tokens will be through centralized or decentralized cryptocurrency exchanges, likely at a higher price.
$DLANCE intends to list its token on major exchanges later this year for $0.057, representing an increase of nearly 20% compared to the presale price.
Additionally, DeeLance is hosting a $100K $DLANCE token giveaway competition. To participate, investors must own at least $100 worth of $DLANCE tokens and complete eleven tasks, including joining DeeLance’s various social media platforms. Four lucky winners will have the chance to qualify for this exciting giveaway opportunity.
Interested investors can acquire the DLANCE token by connecting the digital to the token website and swapping their ETH, BNB, or USDT.
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