- WorldCoin’s WLD token has moved in a horizontal pattern recently.
- The number of Optimism wallets in the ecosystem has jumped recently.
- The outlook of WLD is neutral with a bearish bias for now.
WorldCoin price has entered a deep consolidation phase as last week’ momentum has faded. The WLD token is hovering at $2.3, where it has been at since last week. This price is about 70% below its all-time high of $7.4.
What next for WLD token?
WorldCoin has become one of the most popular projects in the world recently. Started by Sam Altman, the founder of ChatGPT, the network aims to be a breakthrough in the blockchain industry.
The platform has several parts. First, there is the WLD token, which is its cryptocurrency. Its use will continue growing as more developers build applications in its ecosystem. Think about how Ether is used in dApps built in Ethereum’s network.
Further, there is the World ID, which is the privacy-preserving proof of personhood. The goal is to register a person’s identity using the Orb and let them use it to verify their humanness online. The final part of WorldCoin is the World App,
WorldCoin is built on top of Optimism, as I wrote here. Optimism is the third-biggest layer 2 network after Arbitrum and Polygon. A layer-2 network supercharges the performance of Ethereum by reducing transaction fees and boosting speeds. The number of Optimism wallets holding WLD rose to over 361k, as shown below.
Data by Dune Analytics shows that the number of total safe Worldcoin accounts stands at over 1.49 million. Last week, the number of accounts jumped by more than 12,700. At the same time, the amount of WLD’s circulating supply has jumped from 101.4 million last week to over 115.3 million.
Meanwhile, the number of WorldApp wallets have surged to an all-time high of 1.03 million. Last week, the number of wallets were below 500k, signaling that there is demand for the ecosystem.
WorldCoin price prediction
As I wrote last week, coming up with a good WorldCoin price prediction at this time because of limited data. The hourly chart show that the WLD token has moved sideways in the past few days. It has moved in a horizontal pattern while the Average True Range (ATR) has fallen, pointing to low volatility.
Therefore, the outlook of the token is neutral with a bearish bias for now. I suspect that thetoken will have a bearish breakout as the initial momentum fades. If this happens, WLD price will drop to about $1.5. In the long-term, however, the token will bounce back as investors buy the dip.
