beincrypto.com
The Worldcoin (WLD) price has decreased since its much-hyped launch, but is currently making an attempt at breaking a crucial horizontal resistance area.
The price also trades in a bullish structure, a breakout above which could trigger an increase towards the previous all-time high.
What is Worldcoin (WLD)?
While few details are available for Worldcoin, its official tagline is “building the world’s largest identity”. Worldcoin’s release was met with much hype, since the token is a project of the CEO of OpenAI Sam Altman. It was launched on July 24 and quickly crossed 2 million in digital ID signups.
However, there are numerous concerns about the project, starting with the fact that market makers control 95% of the total circulating supply at launch and continuing to its privacy and ethical practices.
The use of Biometric data collection is especially worrisome and was the cause of an investigation from Germany’s Data Watchdog. Worldcoin scans the iris of users in order to provide a digital ID and cryptocurrency. This then caused Kenya to suspend the project until more clarity for its practices is provided by the company.
WLD Price Prediction: New All-Time High or Plummet?
Despite all the aforementioned concerns, the WLD price prediction remains bullish. The main reason for this is the fact that WLD trades inside an ascending triangle, which considered a bullish pattern. Thus, a breakout from it is the most likely future outlook.
A breakout that travels the entire height of the pattern would take the price to $3.20. This is an increase of 38% measuring from the current price and is only slightly below the $3.30 all-time high.
Despite this bullish WLD price prediction, a breakdown from the ascending support line will invalidate the triangle. In that case, the WLD price could fall by nearly 10% and reach the $2.10 horizontal support area.