Worldcoin, a cryptocurrency that has been gaining momentum in the market, recently experienced a surge in its token price following the expansion of its product launches to three new countries. This surge marked the third consecutive day of price increases for Worldcoin, with the token retesting the important resistance level at $2. This price point represents the highest level for Worldcoin since August 2, showcasing a significant increase of over 54% from its lowest level in August.
The developers of Worldcoin made a strategic move by launching their product, World ID, in Guatemala, Malaysia, and Poland. This expansion adds to the list of countries where Worldcoin is already available, including Argentina, Chile, Austria, Mexico, and the United States. According to the developers’ statement, over 6.7 million World ID verifications have been conducted, with 155,000 new accounts joining in the last seven days.
In addition to the impressive growth in user accounts, the number of wallet transactions on the Worldcoin platform has risen to 142 million, with daily wallet transactions reaching nearly 400,000. This uptick in activity points to a growing interest in Worldcoin and its associated services among users worldwide.
Worldcoin, founded by Sam Altman, is not just stopping at expanding its product offerings to new countries. The company is also actively working on the development of the World Chain, an Ethereum (ETH) layer-2 network. Altman, who is also the co-founder and Chief Executive of OpenAI, sees the World Chain as a solution to lower gas fees and streamline the scaling process for Worldcoin users.
One of the key features of the World Chain is its integration of World ID data to combat automated bots. Additionally, verified users will have the opportunity to share in the gas fees generated by the network. This innovative approach to incentivizing user verification and participation sets Worldcoin apart in the competitive cryptocurrency landscape.
While Worldcoin has been making strides in expanding its user base and product offerings, concerns around data privacy have emerged in certain regions. In places like Kenya, World ID registrations were temporarily halted due to privacy issues, as thousands of individuals lined up to undergo verification. Similar privacy concerns have surfaced in locations such as Hong Kong and Portugal, highlighting the need for robust data protection measures in the cryptocurrency space.
From a technical analysis perspective, Worldcoin’s price chart shows a promising rebound pattern. The coin found strong support at $1.3245, forming a double-bottom pattern before rising above the neckline at $1.95. The Average Directional Index indicates an upward trend, while Worldcoin has moved to the upper side of the Bollinger Bands indicator. Additionally, the Relative Strength Index has climbed to the overbought point of 70, signaling potential further price increases.
Looking ahead, Worldcoin is poised to continue its upward trajectory, with the next reference level to watch at $3.25, its highest swing in July. The coin’s recovery is expected to be influenced by the overall performance of the cryptocurrency market, especially Bitcoin (BTC). If Bitcoin reaches a new all-time high, as predicted by some market analysts, altcoins like Worldcoin are likely to experience a rally in tandem with the leading cryptocurrency.
In conclusion, Worldcoin’s recent expansion to new countries, coupled with its innovative product developments and strong technical indicators, position the cryptocurrency for continued growth and success in the market. As the company navigates challenges related to data privacy and user verification, its commitment to providing secure and efficient services sets a positive trajectory for its future.
