As a seasoned crypto investor with battle-tested nerves and a knack for deciphering market trends, I find myself intrigued by the bullish surge of Worldcoin (WLD). With over a decade of navigating the cryptospace, I’ve learned to read between the lines of news headlines and on-chain metrics.
The cost of Worldcoin has been surging dramatically, increasing by 33% in just a week. This trend suggests that it’s becoming more valuable and could potentially reach $4 if the broader crypto market stays stable. However, developments happening between Worldcoin and OpenAI might influence the price of WLD significantly, even with optimistic on-chain indicators. So, will the price of Worldcoin be able to navigate through uncertainties to hit $4?
On-Chain Metrics Signal Further Worldcoin Price Push to $4
Over the past day, the Worldcoin (WLD) share price surged 17%, currently standing at $2.12. The boost came after OpenAI announced plans to revamp its business strategy. Headed by Sam Altman, former Worldcoin founder, OpenAI is transitioning into a profit-driven entity. This shift has sparked investor speculation suggesting potential positive impacts on the price of Worldcoin.
Consequently, South Korean officials have imposed a penalty of $830,000 on Worldcoin due to suspected data privacy infractions. The Worldcoin Foundation received a fine of 725 million won, equivalent to approximately $545,000, while Tools For Humanity was fined 379 million won, or around $285,133.
In contrast to the current obstacle, the on-chain indicators for WLD have recently become optimistic, suggesting a potential further rise in its price. According to Santiment’s data, social dominance has spiked to its highest level in three months, indicating increased visibility, favorable market sentiment, and heightened community interaction – all factors that often lead to price increases.
Over the past 24 hours, there’s been an increase in the gap between Worldcoin’s price and its DAA, indicating a surge in user activity. This rise suggests growing curiosity and acceptance of the coin. When both the price and DAA are on the rise, it typically reflects a positive outlook and faith in the asset. Moreover, the upward trend in social dominance adds credence to this observation.
Over the last few months, the value of Worldcoin has demonstrated remarkable strength, consistently holding above $1.2 without significant drops, and eventually shaping a bullish pattern that suggests potential price increases.
WLD Price Analysis Shows Path to $4
The cost of Worldcoin has noticeably been falling, yet it’s exhibiting hints of a possible turnaround. The graph suggests a double bottom formation, which is typically a strong indication of an upcoming bullish shift.
If the cost surpasses the upper boundary (neckline), it indicates a strong possibility for more increases. Important support zones are approximately $1.80 and $1.50, while resistance can be found at $2.50 and $3.20. A continued rise in price might push the WLD cost as high as $4.00 or potentially $5.00.
If Worldcoin’s price stays above the significant level of $1.80, it suggests a positive outlook. But should the price drop below this point, it could challenge the bullish viewpoint, so it’s wise to place a safety stop loss around $1.20 to accommodate for any market fluctuations.
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2024-09-26 11:18