Following a turbulent entrance on major crypto exchanges, Worldcoin’s (WLD) price has found some stability. As of July 29, the WLD price saw a modest rise of about 6% to hit $2.35. However, this still represents a significant 70% drop from its initial peak of $7.50 during its market debut. Currently, the WLD token seems to be caught in a trading range between $2 and $2.50, suggesting an increasing market bias conflict.
Worldcoin’s Foundation and the WLD Token
Worth noting is that the Worldcoin Foundation, initiated by OpenAI’s Sam Altman, launched the WLD on July 24. The token has a capped circulation supply of 143 million, with 43 million earmarked for distribution to users of the Worldcoin app through an airdrop. Each user is set to receive 25 WLD tokens, provided they confirm their identity using a physical orb that scans the eye.
The remaining 100 million tokens are lent to market makers outside the United States until October 2023. These market makers have the option to either return the WLD tokens or purchase them for $2 + ($0.04 * X) – where X is the total number of tokens bought divided by 1 million. Consequently, the WLD/USD price seems to be anchored around the $2 mark. According to Kaiko Research, this could be part of Worldcoin’s strategy to make the token appealing to prospective users.
WLD Price and Optimism Wallets
Since July 24, the total number of Optimism wallets holding WLD tokens has surged to almost 305,000, based on data from Dune Analytics. Interestingly, the WLD transfer volume has declined during the same period. These metrics suggest that most traders are opting to hold onto the token.
Being a newly introduced token, WLD does not have an extensive trading history to facilitate a comprehensive long-term price analysis. Nonetheless, in the short-term chart, the Worldcoin token appears to be oscillating within an ascending channel pattern.
Investment Advice and Future Predictions
As of June 29, the price hovered around the channel’s lower trendline, signaling a potential bounce back to the $2.35-$2.40 range. If the price breaks above the upper trendline, it could bolster WLD’s chances of further rallying toward the $2.50-$2.56 range in Q3, representing an approximate 12% increase from the current price levels.
On the flip side, if the price falls below the lower trendline, it could pull the WLD price into the $2.15-$2.20 range. A close below the lower trendline could have the price testing the $2-$2.10 range as its next downside target, down approximately 10% from the current price levels.
Remember, investing and trading come with their own set of risks, and it’s advisable to conduct thorough research before making any decisions. To keep track of the WLD price and other cryptocurrencies, consider using applications like cryptoview.io.
Start now using our tools for free.
Please note that this article does not offer investment advice. Always do your own research and consider your financial situation carefully before investing in cryptocurrencies.
