Experts are hopeful that the cryptocurrency World, previously known as Worldcoin, may experience a price increase despite its recent decline.
During a media event in San Francisco, Sam Altman’s Worldcoin announced its rebranding to focus on environmental aspects, broadening its scope from just digital asset ownership to identity verification within an AI-centric framework. Altman and Alex Blania unveiled the Orb 2.0, an enhanced iris-recognition technology.
The bullish sentiment surrounding the World coin suggests a substantial rise in its value is expected in the coming weeks, backed by the cryptocurrency’s promising growth potential.
World: Price Variations Indicate Possible Reversal
The price fluctuations seen in World crypto may indicate a possible bullish reversal that could lead to an increase in the virtual coin’s value.
The World cryptocurrency saw a drop of 5%, reaching $2.19, following its rebranding from Worldcoin to World.
However, examining the long-term trend, the price of digital assets is on the rise. Data from CoinGecko indicates that the price of World has escalated by 47.5% in the past 30 days, which is a favorable sign for the cryptocurrency.
Possible Resistance at $2.47
Analysts anticipate that, should a breakout occur, World will meet initial resistance at $2.47. They remain vigilant regarding the cryptocurrency’s price actions, as these will dictate whether World maintains its upward trajectory or settles at a lower price level.
If the price rally strengthens, analysts predict the next resistance level would be at $4.01, followed by a target price of $5.41. Some experts believe a price increase could even reach $6.57, contingent on positive developments from its identity verification system and the Orb 2.0 rollout.
Additional Technical Indicators
In the short term, the Relative Strength Index (RSI) indicates that market sentiment for the cryptocurrency is currently in a neutral to moderately optimistic range. World scored 56.41 on the RSI, slightly above the midpoint, indicating a mild bullish momentum.
Conversely, the virtual coin recorded a negative value on the Chaikin Money Flow (CMF) indicator, which assesses the volume of money flowing in and out over a specific timeframe. This score suggests that selling pressure is currently outweighing buying activity, signaling trader caution.
Encouraging Signal
In addition, digital asset manager Grayscale has shown interest in investing in this cryptocurrency, indicating that World is gaining the confidence of institutional investors.
If this investment materializes, World may attract further investments from similar entities.
Grayscale is already invested in other cryptocurrencies, including Bitcoin and Ethereum. Historically, once a cryptocurrency is included in Grayscale’s product suite, it tends to gain more exposure and attracts additional investors.
Featured image from Pexels, chart from TradingView
