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- Following the launch of the World ID initiative, Worldcoin’s price has surged by 14% to $2.90, and trading volume has increased by 125%.
- Analysts are optimistic about WLD’s future price potential, with predictions of further upside based on a bullish Cup and Handle pattern.
Worldcoin (WLD) has made public the major developments it has achieved in its international approach by launching the World ID Passport Credential pilot. The initiative has been accompanied by a stunning rally in WLD prices. The token price has surged to $2.90, posting a 14% growth in the last 24 hours and more than 43% growth in the last month.
Worldcoin’s World ID Passport Credential Pilot Description
The World ID Passport Credential is currently being tested in four countries: South Korea, Malaysia, Colombia, and Chile. Launched at the “A New World” event in San Francisco, the feature aims to expand user privacy and security as well as global access to the World Network.
The Passport Credential enables participants to include their passports as part of the World ID using NFC capabilities, eliminating the possibility of compromising personal data with third-party entities, reported CNF. All identification records are encoded directly on participants’ own devices, rendering it as private and secure an environment for participants as possible.
Furthermore, multiple benefits are obtained from this new development. These include:
- Enabling seamless entry to the World Network among over 1.2 billion passport owners.
- Enabling verification of identity attributes without revealing personal information.
- Creating opportunities for users to earn additional WLD tokens.
Currently, the pilot is available to iOS users physically located in the participating countries. Meanwhile, the company has announced its plans to roll out Android support and expand to more nations in the future.
WLD Price Analysis Amid Current Surge
The World ID initiative has had a notable impact on WLD’s market performance. The WLD price has surged by 14% to $2.90, alongside a humungous 125% increase in trading volume, which now stands at $1.42 billion, per the CNF report. Analysts attribute this rise to the positive sentiment generated by Worldcoin’s developments and the broader momentum of the altcoin market.
Technical analysis reveals a bullish Cup and Handle pattern in WLD’s price chart, which may have further upside. Analysts are expecting breakouts between $11.97 and $40.24. Support is currently seen at $1.70, with resistance at $2.60 and $4.78.
Furthermore, popular crypto analyst Ali Martinez has also predicted a $4 target for the Worldcoin price. Considering the growth of the ecosystem and demand for other AI coins, the WLD price could benefit further from the ongoing bullish momentum.
Also, Worldcoin’s derivatives market has recorded a massive surge. According to Coinglass data, the WLD open interest has rocketed by 30.12% to $450.86 million. Meanwhile, the short liquidations for Worldcoin soared to $2.69 million, which significantly outpaced long liquidations worth $1.74 million.
This suggests additional buying pressure as shoe traders buy back their positions to minimize losses. Hence, it could potentially lead to further gains for WLD price in the short term.
