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- Worldcoin (WLD) is riding on the AI hype, closing last week on a bullish note as it prepares to test recent resistance levels.
- WLD is building bullish momentum with investors eyeing the upper resistance level of $7.650 this week.
Worldcoin (WLD) is flashing bullish signals that could see it rally to test key resistance positions in the coming days. The cryptocurrency industry has seen a resurgence in bullish sentiments after a volatile couple of weeks that preceded the Bitcoin halving. Large-cap tokens led by Bitcoin have recorded a bearish reversal, painting a bullish outlook for the rest of the market.
Worldcoin (WLD) has been a key beneficiary boosted by the recent AI hype. At the time of writing, WLD is trading at $6.31 after a 21% surge. This has seen the altcoin extend its lead with a 36% rise in the last 7 days.
No coins selectedSentiments around AI-related tokens have risen and WLD has been a huge beneficiary. Specifically, Worldcoin was co-founded by Sam Altman who is also the founder of ChatGPT. There has been speculation that WLD could be integrated into the AI platform. Furthermore, market experts have speculated that cryptocurrencies could be the currency of the AI industry.
As CNF reported, OpenAI and Worldcoin are in discussions for a partnership, aiming to integrate AI technologies with cryptocurrency-based identity verification.
Additionally, Worldcoin announced last month it will increase the supply of its WLD tokens by 19%, or 36 million new tokens, through institutional sales to trading firms located outside the US.
WLD investors are eyeing key resistance that helps build on the bullish momentum. Investors anticipate a retest of the all-time high (ATH) of $11.820 reached on 10th March. This was achieved after a remarkable 455% rally. However, it was preceded by a 62% correction leading to prices trading in the $4.40 and $6.025 price range.
Bullish signals are emerging for this altcoin. The 50-day EMA on the daily chart is trending upwards, suggesting a potential price increase in the near future. Additionally, the MACD indicator is flashing bullish signs with a rising green histogram, which points to strong buying pressure in the market. The convergence of the MACD lines further reinforces the possibility of continued price gains this week.
Investors hope to maintain the newly found bullish momentum break above the $7 resistance and end the month of May above $9. At this level, investors will eye the all-time high of $11.820 before possibly recording a new high in the coming months.
However, the altcoin still faces some obstacles. Specifically, the project has come under regulatory scrutiny over its data collection and privacy policies. As highlighted by CNF, several countries including Spain, Portugal, Kenya, Brazil, and France have either investigated, suspended, or halted Worldcoin operations.
