- WorldCoin was launched with a lot of fanfare recently.
- The network has attracted more than 2.3 million users.
- WLD price has formed a double-top pattern.
WorldCoin price has crawled back in the past few days. WLD jumped to a high of $1.6382 on Thursday, the highest level since September 16. It has jumped by more than 57% from the lowest level this month. Still, it remains sharply lower than its highest level on record.
WorldCoin is losing traction
WorldCoin is a blockchain project launched by Sam Altman, the founder of ChatGPT, an artificial intelligence (AI) project that has made waves this year. The platform’s goal is to collect user data and then monetize it by partnering with companies.
WorldCoin gained popularity as its iris scanner device signed up millions of people in its early days. Recently, however, the network has lost traction and its WLD token has plunged by more than 90% from its highest level on record.
WorldCoin’s key concern is that it is operating in one of the most sensitive areas in the industry. In the past few years, government officials and policymakers have sounded alarm about data privacy.
These concerns grew rapidly after the Cambridge Analytica scandal, where Facebook provided user data to campaigns. Since then, many countries in the western world have announced measures to protect user data.
As such, WorldCoin has found itself under pressure since it was launched. For example, in Kenya, where it collected thousands of user data, the company was forced to stop the process. Forensic investigators are still investigating the company.
The challenge for WorldCoin is that its growth is slowing. Data shows that there are now over 2.31 million World ID sign-ups in 120 countries. In the last 7 days, the network has signed up just 34k users, signaling that it is losing traction. Of the 2.3 million users, the number of daily transacting wallets is about 38k.
WorldCoin price prediction
The 4H chart shows that the WLD crypto price has been in an uptrend after bottoming at $0.9727 this month. It has moved slightly above the 25-period and 50-period moving averages. This price action has mirrored that of Bitcoin and other cryptocurrencies like ETH and ADA.
WorldCoin has formed what looks like a double-top pattern whose neckline or chin is at $1.23. In price action analysis, this pattern is one of the most popular bearish signs in the industry.
Therefore, the outlook for WLD price is bearish, with the next level to watch being $1.23. A move above the double-top point at $1.6470 will invalidate the bearish sign.
