Contents
Development Details
Market Reaction and Technical Analysis of Worldcoin Price
The price of Worldcoin (WLD) has skyrocketed by 15% and is currently the second biggest gainer of the day. The price jump is also consistent with the announcement of the World ID Passport Credential. This is a new feature that was shown off at the “A New World” event in San Francisco.
The app is currently operating in Chile, Colombia, Malaysia and South Korea, and plans to improve user access and security through a pilot program.
Tweet details | Source: Worldcoin on X
Development Details
With Worldcoin’s World ID Passport Credential, users can securely link their NFC-enabled passport to their World ID.
This feature ensures that sensitive personal data is stored only on the user’s device. It is protected by the anonymization function of the World ID protocol, increasing privacy.
There are plans to expand to Android, but the pilot is primarily aimed at iOS users to increase reach and adoption.
In addition to providing a more secure and private service, the World ID Passport Credential expands the utility of World ID by enabling a broader group of individuals to verify parts of their identity without compromising anonymity.
In addition to security improvements, the credential program also includes an incentive mechanism by distributing extra WLD tokens to participants.
Worldcoin will also be rolling out the World ID Passport to other countries. An increase in adoption and usage of WLD is expected.
Market Reaction and Technical Analysis of Worldcoin Price
This announcement caused a strong reaction in the markets as the price of WLD increased and so did its trading volume. The price of Worldcoin started at $2.50. Then it skyrocketed to $2.90 quite quickly.
The height of the peak coincided with an elevated level of trading activity, consistent with a post-news surge in investor interest and speculative trading driven by the news.
Candlestick charts show signs of breaking past previous resistances and turning into green bars immediately following an uptrend.
A notable spike was Worldcoin’s volume, which had the support of a bounce above its average line on the volume oscillator. Volume increased by 138.11% on Worldcoin’s daily trading volume as reported by market data.
The Volume Oscillator on the chart is announcing rising market activity with a rally to -3.80% from lower levels, suggesting this is a result of interest and liquidity in trading WLD.
Ahead of the initial announcement, technical indicators are giving a strong buy signal in the early stages of the announcement, but traders should look for a possible resistance near the $3.00 mark.
4-hour WLD/USDT Chart | Source: TradingView
Trading data highlights a support level forming around the $2.80 price range, which could prove important if the Worldcoin price makes corrective pullbacks.
If the price breaks above this support level, it could serve as a new base for future increases as the market adapts to the World Identity Passport Certificate and its ability to scale worldwide.
However, on the other hand, if the new support fails to hold, Worldcoin may return to its search for new support.