After consolidating for a week, Worldcoin shows upward force, with world -ID -adoption and technical momentum that acts as catalysts.
According to data from crypto.news, WorldCoin (Wld) with 31% to reach an intraday high of $ 1.63 on 23 May Asian morning time, which marked a huge profit of 180% of its low last month.
The Wld rally was matched by an increase in market participation, with spot volume of 160% climbing to almost $ 1.3 billion and derivatives volume spiking 208% to $ 2.69 billion. According to Coinglass factsHis open interest also rose by 48% to $ 427 million, a significant sign of renewed investor confidence.
The most important catalyst behind today’s meeting is renewed investor’s interest after news that the World Foundation has collected $ 135 million in financing. In an update of 21 May, the team said that this new capital will be used to grow their iris-based identity network, World ID.
Top Crypto investors such as Andreessen Horowitz and Bain Capital Crypto led the round and bought Worldcoin -Tokens at market price. That not only added more tokens to circulation, but also brought strong institutional support, which added credibility to the project.
This financing comes at a time when the adoption of Worldcoin gained strength. Wereld -ID has now been expanded to the US and continues to get a grip in Asia. Singapore leads with more than 100,000 users, while Japan and South Korea each added more than 10,000 new users in April.
The network also entered Southeast Asian markets, including Thailand, Indonesia, Malaysia and the Philippines.
In the meantime, data on chains are showing a corresponding increase in daily active addresses and accumulation of large holders, factors that match today’s price loss.
Technical setup looks Bullish
On the 1-day/USDT point card, WLD recently broke out above the top of an emerging wedge, a pattern that usually indicates a bearish reversal, but in this case the outbreak became Bullish. The token is also traded above its 50-day simple advancing average and is approaching the 200-day SMA, which shows power.
It has also converted its 200-day exponential advancing average into support, a bullish board.
In the meantime, the MacD lines appear, so that momentum is still on the side of the bulls.
There is also a possible cup and handle pattern formed on the daily graph. The bottom of the cup is $ 0.58, with the neckline around $ 2.50. If this pattern completes and breaks out, this can lead to a different leg up.
That is why the most likely target for Wld is the psychological resistance level of $ 2.50, just over 60% above current prices. If WLD breaks this by, this can activate another buy golf and possibly be aimed at the 78.6% Fibonacci retracement level at $ 3.
Different analysts echo A similar price target, in which Wld was called to reach the range of $ 2.20 – $ 2.50 between June and July, provided that the Bullish Momentum applies.
That said, the relative strength index is approaching Overbought territory, so Wld could see a short-term correction or lateral action for the next breakout. If it falls below $ 1,479 200-day EMA, the next strong support is around $ 0.97, which matches the 200-day SMA.
At the time of the press, WLD exchanged hands at $ 1.55 per coin, still with 86.7% below the all times of $ 11.74 from March 2024.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
