Bitrabo Editorial
Market experts remain hopeful for the cryptocurrency World, previously called Worldcoin, as it might see a price surge despite a recent downturn.
During a press gathering in San Francisco, Sam Altman announced that Worldcoin has officially rebranded to World, shifting its emphasis from just digital asset ownership to identity verification within an AI-driven framework. Alongside Alex Blania, Altman introduced Orb 2.0, a new and enhanced iris-recognition technology.
There is a strong belief that the World cryptocurrency will see a notable increase in value in the coming weeks, thanks to its significant growth potential.
World: Price Movements Indicate Possible Recovery
The recent price changes of World crypto may indicate a bullish trend that could lead to a price increase for the digital coin.
After its rebranding from Worldcoin to World, the price of World dropped by 5%, settling at $2.19.
Nevertheless, looking at the long-term trends, digital asset prices are on the rise. As per CoinGecko data, the price of World has increased by 47.5% over the last month, which is a promising sign for this cryptocurrency.
Resistance Level at $2.47
Experts suggest that if a breakout occurs, World may face its first resistance at $2.47. They are closely monitoring the price dynamics to see if World can sustain its upward trend or if it will revert to lower levels.
Should the price rally gain momentum, analysts indicate that the next resistance level could be at $4.01, followed by a target of $5.41. Some analysts even predict a potential rise to $6.57, which would largely depend on the anticipated benefits from its identity verification technology and the launch of Orb 2.0.
Additional Technical Insights
In the near term, the Relative Strength Index (RSI) suggests that market sentiment for the cryptocurrency is in a neutral to cautiously optimistic range. With an RSI score of 56.41, the coin indicates a minor bullish trend.
Conversely, the Chaikin Money Flow (CMF) conveys a negative reading, suggesting that selling pressure exceeds buying interest, which implies that traders are more hesitant.
Encouraging Developments
Additionally, Grayscale, a digital asset management firm, has shown interest in investing in this cryptocurrency, indicating that World is gaining traction and trust among institutional investors.
If Grayscale proceeds with its investment, it might attract more comparable investors to participate in the crypto market.
Grayscale holds positions in other major cryptocurrencies like Bitcoin and Ethereum and typically enhances the visibility of listed digital assets, potentially drawing in more investor interest.
Image sourced from Pexels, chart by TradingView