The Worldcoin price remained on edge on Tuesday morning as it continued to lag behind most cryptocurrencies. The WLD token rose to an intraday high of $2.80, its highest swing since December 17.
Technicals point to a potential Worldcoin price surge
The Worldcoin price has largely been left behind in the recent crypto bull run. While its price is up by 106% above its lowest level in 2024, it remains significantly lower than the 2024 high of $12.
Technicals show that the coin may be on the verge of a strong bullish breakout as the accumulation process continues. The accumulation and distribution indicator has continued pointing upwards and is at its highest point since December 16.
Also, the two lines of the Smart Money Index (SMI) have formed a bullish crossover, pointing to more gains in the near term.
Additionally, there are signs that the WLD price has formed what looks like a slanted double-bottom pattern whose neckline is at $4.20. A double-bottom is one of the top bullish reversal patterns in trading. In fact, a closer look at most tokens that have bounced back recently shows that they formed a similar pattern.
The WLD token price has crossed the 50-day moving average and is slightly below the 23.6% Fibonacci Retracement level.
Therefore, the coin’s path of least resistance is bullish. The next point to watch is $4.20, which is about 57% above the current level. A break above that price will lead to more gains to the 50% retracement price at $6.75, 150% above the current level.
On the flip side, this bullish view will become invalid if the Worldcoin price drops below the support at $2.
WLD price chart | Source: TradingView
Sam Altman-backed project
The main catalyst for the Worldcoin price is that it is a project started by Sam Altman, a billionaire who started several key companies. He is the CEO and founding member of OpenAI, the parent company of ChatGPT.
Sam also founded Oklo, a modular nuclear energy company valued at over $3 billion. Therefore, there is a high chance that the World ID will succeed. Worldcoin has already inked partnerships with several companies like Fireblocks and Reth.
It has already launched the WorldChain, a layer-2 network on Optimism that lets developers leverage the World ID program. The network hopes to become the next big thing in building quality decentralized applications across all industries.
Data shows that the number of users registered in Worldcoin has continued growing, a trend that might continue. According to Dune, the network has verified over 7 million humans, and new verifications are being made daily.
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