Following the launch of the World ID scheme, the price of Worldcoin surged 14% to $2.90, and trading volume increased 125%.
Analysts are optimistic about WLD’s future price potential and predict further gains based on the bullish cup-with-handle pattern.
Worldcoin (WLD) announced significant progress towards internationalization by launching a pilot project for the World ID Passport Certificate. The initiative was accompanied by a stunning rise in the price of WLD. The token surged to $2.90, up 14% in the past 24 hours and more than 43% in the past month.
Worldcoin World ID Passport Credential Pilot Instructions
Currently, the World ID passport certificate is being tested in four countries: South Korea, Malaysia, Colombia and Chile. The feature was launched at the "New World" event in San Francisco and is designed to expand user privacy and security as well as global access to the world's network.
According to CNF, the passport credential allows participants to use their passport as part of their World ID using NFC, eliminating the possibility of personal data being leaked to third-party entities. All identification records are encoded directly on the participant’s own device, providing participants with the most private and secure environment possible.
In addition, this new development can bring a variety of benefits. These include:
Enabling more than 1.2 billion passport holders to seamlessly access the world's networks.
Identity attributes can be verified without revealing personal information.
Create opportunities for users to earn additional WLD tokens.
The pilot is currently open to iOS users in participating countries, and the company has also announced plans to roll out Android support and expand to more countries in the future.
WLD Price Analysis During the Current Surge
The World ID program has had a significant impact on WLD's market performance. According to the CNF report, WLD price surged 14% to $2.90, while trading volume also increased significantly by 125%, currently reaching $1.42 billion. Analysts attribute this growth to the positive sentiment generated by Worldcoin’s development and the broader momentum in the altcoin market.
Technical analysis shows that WLD’s price chart is showing a bullish cup-with-handle pattern and could have further upside. Analysts anticipate a breakout above $11.97 to $40.24. Support is currently at $1.70, while resistance is at $2.60 and $4.78.
In addition, Ali Martinez, a well-known cryptocurrency analyst, also predicted that Worldcoin's price target is $4. Considering the growth of the ecosystem and the demand for other AI tokens, WLD prices may further benefit from the continued bullish momentum.
Additionally, Worldcoin’s derivatives market has seen a significant increase. According to Coinglass, WLD open interest surged 30.12% to $450.86 million. Meanwhile, Worldcoin’s short liquidations surged to $2.69 million, far outstripping long liquidations of $1.74 million.
This suggests that buying pressure has intensified as footwear traders buy back their positions to minimize losses. Therefore, in the short term, WLD prices may rise further.
