The Worldcoin price dropped over 2% in the last 24 hours to trade at $2.22 at press time.
This drop in the WLD price comes after the Worldcoin Foundation unveiled its World ID orb verifications in Austria, marking a significant step in expanding its "proof of humanness" technology across Europe.
The launch, announced on Wednesday, makes the eyeball-scanning orbs available at various locations in Vienna, enabling residents over 18 to join the Worldcoin network by verifying their World ID.
Worldcoin Foundation Expands 'Proof of Humanness'
With this expansion, Austria joins neighboring Germany in adopting Worldcoin's orb technology. This initiative is part of Worldcoin's broader mission to ensure the future health of the internet by distinguishing between human and non-human actors. Participants who verify their humanity through an iris scan are assigned World IDs and rewarded with WLD tokens. The Worldcoin Foundation claims that 6.3 million people are already participating in the network globally.
Despite its growth, the Worldcoin project has faced regulatory challenges in Europe. Spain recently extended its ban on Worldcoin until the end of the year or until a GDPR audit is completed. Similarly, Portugal ordered the project to halt biometric data collection temporarily in March. These actions reflect broader concerns about personal data protection, with several government agencies scrutinizing the project.
"In a 2024 survey in Spain, 82% of the 21,000 World ID holders who responded agreed that technologies such as Worldcoin/World ID are important for distinguishing between humans and bots online (13% were unsure)," the Worldcoin Foundation stated in a blog post. "Similarly, in Portugal, more than 3 in 4 (77%) of the 19,000 World ID holders who responded agree that Worldcoin can have a positive impact on their digital interactions (13% were unsure)," the post added, noting similar positive feedback from Latin American markets.
Worldcoin, primarily developed and promoted by Tools for Humanity, a company co-founded by OpenAI CEO Sam Altman, has taken steps to address privacy concerns. In March, the project introduced "Personal Custody," prohibiting new signups from requesting the storage and encryption of their biometric data. Additionally, individuals who had previously signed up could request the deletion of the numeric "iris code" created during their scan. The project also implemented measures to prevent those under 18 from signing up.
Upcoming Layer 2 Network
In a move to enhance its technological infrastructure, the Worldcoin Foundation released a developer preview of its own Layer 2 network, World Chain, earlier this month. This preview allows developers to build, test, and provide feedback before the mainnet launch expected later this summer. The initiative also enables developers to prepare their deployments ahead of migrating Worldcoin’s World App users from its existing base on OP Mainnet. Worldcoin user transactions have reportedly grown to more than 50% of OP Mainnet’s activity since its launch in July 2023.
World Chain, which is intended to be permissionless, open-source, and independently governed by its community, is secured by Ethereum within the Superchain network of Layer 2 chains built using the OP Stack.
Worldcoin Price Technical Overview
The Worldcoin price has recently exhibited a cautious tone on the 4-hour chart, with price action testing key support and resistance levels. Closing prices over the last few sessions show that the asset has struggled to maintain upward momentum, hovering around $2.174 to $2.215. The near-term outlook is clouded by resistance at $2.251 and more formidable barriers at $2.392 and $2.407, which could cap any bullish advances.
From a technical perspective, the 9 EMA has consistently remained below the 20 EMA, indicating a short-term bearish trend. This crossover often signals that sellers have the upper hand, with the price likely to face downward pressure unless bulls can reclaim these moving averages.
The MACD, another momentum indicator, also points towards a bearish trend. The MACD line is below the signal line, and the histogram has been consistently negative, showing that the bearish momentum is gaining traction. This setup suggests that any attempts to break above resistance could face significant headwinds, and a move lower remains on the cards.
Slightly Oversold
The RSI hovers just above oversold territory, indicating that while the market is bearish, it hasn't reached an extreme where a reversal is imminent. However, if the RSI dips further, it could prompt a short-term bounce, potentially providing a better entry point for traders looking to go long.
Given the current setup, potential entry points for short trades could be near the resistance levels of $2.251 and $2.392, with exits around the support levels of $2.199 and $2.178. Conversely, for those looking to take long positions, waiting for a confirmed break above $2.251 with strong volume could present an opportunity, targeting the next resistance at $2.392 and $2.407.
