Can Worldcoin Price Reach $4 As On-Chain Metrics Turn Bullish?

Worldcoin price has been on a tear, rising 33% over the past week. The asset has turned bullish and could reclaim $4 in the coming days if crypto market conditions remain the same. Meanwhile, events unfolding in the Worldcoin and OpenAI arena could make or break WLD price despite bullish on-chain metrics. Can the price of Worldcoin navigate uncertainty to reach $4?

On-Chain Metrics Signal Further Worldcoin Price Push to $4

WLD price jumped 17% over the last 24 hours, trading at $2.12 after OpenAI announced that it would transform its business model. OpenAI, led by Worldcoin founder Sam Altman, will become a for-profit organization, a move investors speculate could benefit the Worldcoin price.

However, South Korean authorities have also fined Worldcoin $830,000 due to potential data privacy violations. The Worldcoin Foundation was fined 725 million won ($545,000), while Tools For Humanity (TFH) was fined 379 million won ($285,133). 

Despite this setback, WLD on-chain metrics have recently turned bullish and point to a further price increase. Data from Santiment shows that Social dominance surged to a three-month high, signalling increased visibility, positive market sentiment, and community engagement, all of which contribute to price surges.

Additionally, the Worldcoin price-DAA divergence increased over the last 24 hours, signalling a rise in user activity, suggesting growing interest and adoption. When both price and DAA are up, it often reflects positive sentiment and confidence in the asset. Rising social dominance further supports this.

Worldcoin price has shown resilience over the past couple of months, refusing to drop below $1.2 and subsequently forming a bullish reversal pattern.

WLD Price Analysis Shows Path to $4

Worldcoin price has been in a pronounced downtrend but is now showing signs of potential reversal. The chart presents a double bottom pattern, a solid bullish reversal signal.

The price has broken above the neckline, which confirms the potential for further upside. Key support levels are around $1.80 and $1.50, and resistance levels are at $2.50 and $3.20. An increase in price beyond this could propel the WLD price to $4.00 and even $5.00.

Worldcoin remains bullish if the price remains above the neckline at $1.80. However, a break below these levels could invalidate the bullish thesis, so the long-term stop loss is set around $1.20 to allow for price fluctuations.

Related Articles

✓ Share:

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.