How High Can Worldcoin (WLD) Price Go in 2024?

Worldcoin (WLD), a project that uses blockchain for identity verification, has attracted lots of attention from the market due to a notable increase in popularity. Just a couple of days back, Worldcoin was ranked as the second-highest performing token in the cryptocurrency market, with an increase in value of more than 7%. This surge occurred despite a global crypto market downturn, which saw Bitcoin and Ethereum, having little activity. WLD also experienced a significant rise in trading volume, increasing by more than 70%, which shows strong demand from buyers.

WLD’s price surge comes after Kenyan authorities decided to stop investigating the project’s purported mishandling of customer data. Last August, Kenya halted Worldcoin’s activities over worries about the privacy of users’ iris data collection. After the investigation was closed, Worldcoin is getting ready to continue its operations, which may attract more market interest and investment.

Market Performance of Worldcoin (WLD) Price

Even though there has been a recent increase, Worldcoin’s market has been quite volatile. Currently, it is valued at $3.00, showing a 1.32% rise in the last 24 hours but notable drops over extended periods: -18.75% in the past week and -42.01% in the past month.

The market capitalization of Worldcoin is around $742 million, placing it 93rd in the market, according to CoinMarketCap.

The coin has a trading volume of $270 million in the last 24 hours, making it the 29th most traded coin during this period.

WLD reached an all-time high  of $11.82 in March 2024, but has since dropped by 74.53%. This sharp drop underscores the unpredictability and the possibility of significant price fluctuations that investors need to take into account.

Price Forecast of Worldcoin (WLD) Price

To forecast Worldcoin’s potential price in 2024, we will examine important technical indicators.

At present, all Exponential Moving Averages (EMA) ranging from the 10-day to the 200-day are showing a signal to sell. The continual sell signals on these timeframes indicate a bearish trend. In order to see a bullish reversal, WLD must surpass these EMA levels and create fresh support.

The current MACD level suggests a sell signal is in place. The bearish momentum is indicated by this negative value, as the MACD line is below the signal line. A move into the positive zone and a crossing above the signal line would indicate a possible bullish trend.

The RSI is currently 28.81, positioning it in the neutral range yet near the oversold level of 30. A reading below 30 on the RSI usually suggests that the asset is oversold and might be ready for a price correction or rebound.

By utilizing Fibonacci retracement, crucial support levels can be pinpointed at $2.82, $3.73, $4.28, along with resistance levels at $6.10, $6.66, $7.57.

At this time, WLD is trading close to its lower support levels. A drop under $2.82 might indicate more decreases, whereas surpassing the resistance at $6.10 would be essential for a lasting upward trend.

Conclusion

Market sentiment, regulatory changes, and technical indicators will collectively impact Worldcoin’s price in 2024. Strong investor interest is indicated by the recent rise in price and trading volume after Kenya’s investigation was concluded. Nevertheless, EMA, MACD, and RSI technical indicators signal a dominant bearish momentum.

In order for Worldcoin to experience substantial price growth, it must surpass crucial resistance levels and create a positive uptrend. It will be essential to monitor these technical indicators and any additional regulatory updates in order to forecast Worldcoin’s price direction in 2024. It is important for investors to be careful and thoroughly research before making investments in a market as unpredictable as this.

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