Worldcoin’s bullish momentum surges: Is THIS why?

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    Worldcoin’s European expansion boosted WLD adoption, driving a 13.6% price surge this week.
    Technical indicators hinted at a bullish breakout, with potential targets near $2.00.

As a seasoned analyst with years of experience under my belt, I must say that Worldcoin [WLD] has caught my attention this week. The European expansion and subsequent increase in adoption have driven a significant price surge for WLD, with technical indicators hinting at a bullish breakout.

Over the past week, Worldcoin (WLD) has shown robust price growth due to rising usage and significant shifts in the market.

WLD traded at $1.60 at the time of writing, with a 24-hour trading volume of $280,038,161.98. 

In the previous 24 hours, there was a 9.30% jump, and over the last week, it rose by 13.60%. Currently, with a circulating supply of approximately 450 million WLD tokens, the market capitalization is around $723,470,515.

European expansion fuels adoption of world ID

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Worldcoin has revealed plans for an extensive growth of its World ID verification system in Europe, with the service becoming available in Poland starting from the 18th of September, as per the official announcement.

The process for verifying World IDs is now available in Poland, enabling residents of Warsaw to use a specialized biometric device called ‘Orb’ for this purpose.

This growth is a component of Worldcoin’s initiative to broaden the distribution of their “Proof of Humanity” tech throughout Europe.

Previously, our project implemented identical World ID verification systems in Austria, and we’re now collaborating with Malaysia’s government research and development team to improve digital methods for verifying human identity within their nation.

These actions align with Worldcoin’s larger ambition to create a globally distributed, decentralized system for verifying identities, thereby increasing acceptance and involvement in different parts of the world.

Technical indicators suggest potential upside

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According to WLD‘s technical signs, there could be an impending bullish surge. The price is drawing near to a crucial barrier at $1.590, which acts as the line of a well-defined uptrend pattern, known as a rounding bottom.

If we surpass this current point, it indicates a bullish turnaround, signaling that the positive trend is gaining strength. The subsequent objective would then be $2,000.

Currently, as we speak, the Relative Strength Index or RSI stands at 66.30, signifying robust purchasing energy yet nearing the point of being overbought. This implies there might be a short period of stabilization prior to any significant surge.

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If the price doesn’t reach $1.590, there might be a slight dip or correction, but the predominant uptrend, as indicated by the rounding bottom curve, would still hold strong.

Net inflows and transaction volume

On the 19th of September, there was a significant increase in investments, totaling approximately $1.87 million, being poured into WLD. This surge in investment indicates strong demand, which can bolster the asset’s price resilience and potentially lead to an uptrend.

In contrast, the transaction volume of WLD has been decreasing noticeably over the past few days. As of September 18th, it was at 3.61 million, a significant drop from its peak of 9.15 million on September 12th.

Read Worldcoin’s [WLD] Price Prediction 2024–2025

This drop suggests lessened trading transactions, possibly showing a cautious market stance or a phase where traders are waiting for more definite signs about future pricing trends.

In summary, Worldcoin’s growth in Europe, along with positive technical signals and market trends, appears to have fueled a significant increase in its price.

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2024-09-20 10:48