As a seasoned crypto investor with battle scars from the 2017 bull run and 2018 bear market, I have learned to navigate the unpredictable waters of this space. Last week, I watched the Worldcoin (WLD) price soar after OpenAI’s announcement about their new product, o1, creating a whirlwind of excitement that propelled WLD by over 18% in less than 12 hours. However, like a roller coaster, it came crashing down as investors started booking profits over the weekend, with the upcoming FOMC meeting adding a layer of uncertainty to the mix.
As a researcher, I’ve observed an intriguing development in the cryptocurrency market last week. The price surge of Worldcoin (WLD) can be attributed to the announcement of OpenAI’s new product, o1. The buzz surrounding this project caused WLD prices to skyrocket by approximately 18% within a mere 12-hour timeframe. However, as we approach the highly anticipated FOMC meeting, investors have been cashing out their profits over the weekend due to the uncertainty surrounding it. On a positive note, the Worldcoin decentralized identification (DID) system is now set to be integrated with Solana. This move could potentially minimize instances of rug pulls and exploits on the network in the future.
Wormhole Finalizes WorldID Bridge to Solana, Worldcoin Price Slumps
On June 27th, Wormhole, a prominent interoperability platform for multichain apps and bridges, declared that Worldcoin’s WorldID would be integrated into Solana. Just under a month later, the connection between the two was completed.
By integrating with Solana, developers can focus on verifying identity for authentication within their projects, benefiting Worldcoin’s mission of promoting trust in the digital realm. Consequently, this could potentially boost confidence in Solana’s value.
Although positive developments were announced, Worldcoin’s price fell during the weekend due to a decrease in overall trading activity. This drop could be linked to the upcoming FOMC meeting scheduled for September 18, where crypto investors anticipate a potential increase of 25 to 50 basis points. However, the uncertainty surrounding Fed Chair Jerome Powell’s actions remains, as the regulatory agency has hinted at possible rate cuts for nearly a year without making any concrete decisions yet.
WLD Price Analysis: $2 In Sight, But Not Before This
As a crypto investor, I’ve been closely watching the WLD price trend, and despite the recent upward swing, it seems we’re still in a bearish phase. Since mid-August, the price action has been forming lower highs and lower lows, but there’s a glimmer of hope. The current price is hovering around a significant support zone ($1.37–$1.40), a level that’s held firm in the past. Multiple tests have shown this level to be respected, suggesting potential buyers might jump in here, signaling a possible reversal.
Instead, it’s possible that the Worldcoin price might encounter obstacles at $1.50 and $1.60. The WLD price has attempted to break through $1.50 on several occasions, while $1.60 represents a more distant goal, acting as a significant barrier to further price increase.
Candles near the support area show long lower wicks, which suggests rejection of lower prices and a possible upward reversal. This may indicate that the sellers are losing momentum.
It appears that the value of Worldcoin might be wrapping up a downward corrective phase within its larger negative trend. This level seems to be serving as support, suggesting an imminent rebound towards the next resistance. If Worldcoin’s price manages to break and maintain above $1.60, it could signal the conclusion of the bearish phase, potentially setting sights on a long-term goal of around $2.00 or even more.
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2024-09-16 08:10