Worldcoin, a baby crypto project by OpenAI CEO Sam Altman has been popular since it’s announcement and has been dubbed as revolutionary by it’s founders.
The crypto could give bullish returns in the short-term as it is eyeing a potential breakout in the price chart.
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Worldcoin Price Prediction
Worldcoin is currently trading at $2.43 with a a market cap of $294 million and a 24h trading volume of $65 million. The circulating supply stands at 10 billion tokens out of a total supply of 10 billion tokens.
The current price of worldcoin is still far from its recent high of $4.69, which it reached on December 17, 2023. However, it has recovered from its recent low of $0.9731, which it hit on September 13, 2023. Let’s have a look at the chart for trend analysis:
The price is consolidating inside the descending triangle. Currently, it is trying to break its resistance trendline. We have to wait for a successful breakout or breakdown.
Weekly Price Analysis
By examining the weekly chart of the cryptocurrency, we can say that it has been trading in an downtrend from the start of the year.
The support level is around $1.5, which coincides with the 50-week moving average (MA).
The resistance level is around $3, which coincides with the 78.6% Fibonacci retracement level of the downward move from the December high to the January low.
The relative strength index (RSI) is above the 50 level, indicating a positive market condition.
Future Outlook
One of the factor that has contributed to the support of the crypto is the renewed commitment of Sam Altman to the worldcoin project. Altman reportedly seeks an additional $50 million in funding.
On the innovation and competition side, one of the key events that will affect the price of worldcoin is the launch of World ID, a privacy-preserving global identity network that verifies the humanness of the user online. World ID enables users to claim recurring grants of free worldcoin tokens (WLD) as an incentive to join the network. World ID also paves the way for new governance mechanisms that combine one-token-one-vote and one-person-one-vote models.
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