Worldcoin (WLD): "the dogs bark, the caravan is coming"
Date: 2023-08-05 Author: Karina Ziganova Categories: BLOCKCHAIN
Worldcoin (WLD) Price Continues to Rush Despite Various Concerns About the Project's Gray Areas and Practices
Worldcoin (WLD) price has declined from launch levels accompanied by huge hype, but is currently attempting to break through an important horizontal resistance area.
In addition, the token is trading in a bullish structure, a break out of which could trigger a rise to the previous all-time high.
What is Worldcoin (WLD)
The WorldCoin project was designed as a digital identity platform to distinguish real people from bots or artificial intelligence (AI) algorithms. Its main tool, Orb, is an iris-scanning device that is supposed to confirm the unique identity of each user on the Internet. The project was launched on July 24 and quickly passed the mark of 2 million subscribers.
The main goal of the WorldCoin initiative is to create a "global financial and identity network based on proof of identity." However, achieving this noble goal without compromising the trust, security and privacy of users is a major challenge that borders on gray areas and ethical and practical issues.
Thus, the tokenomics of the project raises certain doubts, since market makers control 95% of WLD. In addition, the network is actively discussing the potentially exploitative methods used by the company in developing countries to expand its user base.
The UK Information Control Regulatory Authority (ICO) has already become concerned about WorldCoin's eye-scanning activities in London and has announced an audit of the company. It soon became known that the German regulator had also launched an investigation against Worldcoin a long time ago.
WLD Forecast: New All-Time High or Crash?
Despite all the above concerns, the outlook for WLD remains bullish. The main reason for this is the fact that the token is trading inside an ascending triangle, which is considered a bullish pattern. Accordingly, the most likely prospect is a bullish break out of it.
If the price movement after the breakout is equal to the entire height of the pattern, the price can reach the $3.20 level. This would mean a 38% increase from the current price and allow the market to almost reach the all-time high of $3.30.
Despite this bullish outlook, a bearish break of the rising support line will invalidate the triangle pattern. In this case, WLD could fall by almost 10% and reach the $2.10 horizontal support area.
