Worldcoin price shot up late on September 12 following o1 , a new AI model release by OpenAI. WLD price had been struggling below a strong resistance amid Bitcoin price volatility. However, this news caused a boost in price, catapulting the crypto asset above the resistance. Will the price of Worldcoin capitalize on the current hype to reach $2?
Can OpenAI’s o1 Models Pump Worldcoin Price?
On September 12, OpenAI, the parent company behind ChatGPT, announced a new series of AI models designed to spend more time ‘thinking’ before they respond.
We’re releasing a preview of OpenAI o1—a new series of AI models designed to spend more time thinking before they respond.
These models can reason through complex tasks and solve harder problems than previous models in science, coding, and math. https://t.co/peKzzKX1bu
— OpenAI (@OpenAI) September 12, 2024
These new AI model capabilities will help solve complex problems in the fields of cognition, quantum physics, coding, and math, among others. O1 is the rumored ‘Project Strawberry” that OpenAI has been quietly working on, and according to OpenAI’s official documentation on “Learning to Reason with LLMs”, the small unit of these new o1 models is several times more advanced than the GPT-4o.
Worldcoin price reacted explosively to this news, initially spiking by 16% in one 4-hour candle before retracing and settling around 5%. WLD price hovered around $1.49 during the London trading session.
Why is the Worldcoin Price Rising?
The notable WLD price surge around OpenAI’s new release may be because Sam Altman, the Co-Founder of OpenAI, is also the co-founder of Worldcoin. Worldcoin was recently airdropped to different people worldwide and contributed greatly to onboarding new users onto the blockchain.
Despite criticism concerning its tokenomics, tightly controlled supply, and potential price manipulation, the decentralized ID token has continued to remain the talk of the crypto community.
Worldcoin Price Prediction: WLD Could Extend Gains By 34%
Worldcoin price has been trending below $1.50, which has proved difficult to break. $1.50 has been tested multiple times since late August, and on September 12, the price surpassed this barrier.
The recent explosive WLD price action completed a cup-and-handle chart pattern and a bullish reversal market structure. Price encountered resistance at $1.60, which coincides with the 200-day exponential moving average, before retracing back to the horizontal resistance-turned-support for retesting.
A successful retest should confirm a bullish continuation, which could catapult Worldcoin price by 34% to $2.00. If buying pressure persists, the WLD price could break above the $2.00 psychological barrier and head to the next major resistance around $3.20.
Conversely, if the Worldcoin price fails to maintain above the current support ($1.50), it could signal market weakness and make WLD price action bearish. This would result in the asset’s price dropping lower to $1.35 and $1.25.
Frequently Asked Questions (FAQs)
Worldcoin’s price saw a significant spike following OpenAI’s announcement of its new o1 models on September 12. The price surged past a key resistance level amid Bitcoin price volatility. While the new AI model release has boosted Worldcoin price, reaching $2 will depend on continued market momentum and whether it can maintain support levels.
The price rise is partially attributed to Sam Altman, who is both the Co-Founder of OpenAI and Worldcoin. The announcement of the new AI models might have increased investor confidence and interest in Worldcoin.
OpenAI’s new ‘Reasoning’ models, referred to as o1, are designed to enhance cognitive abilities and problem-solving skills. They are expected to perform complex tasks in fields like quantum physics and coding, offering broader and more sophisticated world knowledge compared to previous models like GPT-4o.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/worldcoin-price-prediction-as-openai-releases-o1/
✓ Share: