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Sam Altman-backed Worldcoin (WLD) is stuck between two significant SMAs, trading at $1.80 with a bearish bias. The proof-of-personhood (PoP) crypto is down 1% over the last 24 hours and 12% in the previous seven days, according to data from TradingView and Coinmarket cap.
Investor interest in Worldcoin is dwindling as its trading volume has dropped 61% over the last 24 hours to $55 million. This could be attributed to data protection and privacy issues regarding its World ID project involving iris scanning.
According to experts, the crypto project is going through an identity crisis at the moment as it has not appropriately classified itself. The crypto community is having difficulties in categorizing Worlcoin. Many wonder if it is a crypto firm, a biometric authentication company, or a project within the “human economic system.”
Meanwhile, Tools for Humanity, the organization behind Worlcoin, continues registering users on the platform. OpenAI CEO Sam Altman hyped the project immediately after its launch last month, saying that one person is getting verified for World ID every eight seconds.
day 3 of @worldcoin launch, crazy lines around the world. one person getting verified every 8 seconds now. pic.twitter.com/vHRu1sWMT3
— Sam Altman (@sama) July 26, 2023
Altman and fellow Worlcoin co-founder Alex Blania launched the incredibly hyped project on July 25, 2023, with an ambitious aim of a World ID program using iris scans. Users get their iris scanned in a device called the Orb and, in turn, get WLD tokens. The person also receives a digital passport, a concept aimed at differentiating humans from AI and robots.
Worldcoin Price Could Make a 42% Upswing to $2.54
The WLD/USDT trading pair’s three-hour chart reveals positive price developments. Note that the Worldcoin price is pinned between the 20 simple moving average (SMA) at $1.785, which provides immediate support, and the 50 SMA at $1.807, acting as immediate resistance.
If the current bearish trajectory is reversed, the descending trendline presents itself as the initial obstacle to upward movement. It is important to note that this trendline correlates with the course of the 50-period SMA.
A significant development would be a decisive breach and subsequent closure above the descending trendline, as this event will likely rekindle bullish momentum. Such a resurgence could propel the price towards substantial gains, estimated at approximately 42%, culminating at the 2.54 level.
WLD/USD Three-hour chart
Several technical indicators warrant attention to support this potential upward trend reversal for Worldcoin. The Awesome Oscillator (AO) Histograms display a green hue, and the Stochastic Oscillator, having just emerged from the oversold region, is pointing downward. The price strength at 70 suggests the possibility of a trend reversal.
Conversely, a bearish breakout would be confirmed if the price drops below the 20 AMA at $1.78. This would trigger massive sell orders that would see the WLD price drop first toward the $1.733 support level and later revisit the August 11 low at $1.65. Such a move would represent an 8% decline from the current price.
However, it is crucial to emphasize that confirmation of this anticipated trend reversal discussed earlier hinges upon achieving critical criteria: a conclusive close above the descending trendline and the 50-period SMA.
In light of these considerations, a prudent approach would involve exercising patience and awaiting price action to breach and establish itself beyond the aforementioned critical levels before considering a long market entry position.
Meanwhile, traders could turn to new cryptocurrency in presale with a low risk-to-reward ratio and the potential to make 20x returns in 2023. One such coin is Wall Street Memes (WSM) which is making significant milestones in its presale funding phase.
WLD Alternative
Wall Street Memes initiated its presale journey over a month ago and has secured over $23.8 million in funding.
Drawing inspiration from Wall Street Bets, Wall Street Memes is a community-driven cryptocurrency project employing memes on various platforms, including X, to maintain active engagement with its audience.
The substantial impact it has made on social media has even attracted the notice of Elon Musk. These dynamics contribute to the momentum of its presale, and analysts speculate that its value could increase tenfold once it is finally listed on cryptocurrency exchanges.
At the time of writing, 1 WSM is auctioning for $0.0334 and can be purchased using ETH, USDT, or your regular bank card. To buy Wall Street Memes, visit the website and connect your crypto wallet or card.
Visit Wall Street Memes here for more details.
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