Analysts are optimistic that the World cryptocurrency, formerly known as Worldcoin, could see a price rebound despite experiencing a recent price drop.
Sam Altman’s Worldcoin said during a media event in San Francisco that it will now be branded as an environment to expand its focus beyond digital asset ownership to identity verification in an AI-powered environment. Sam Altman and Alex Blania introduced Orb 2.0, an improved iris recognition system.
The positive perspective on World The coin indicates that its value is expected to increase significantly in the coming weeks thanks to the strong growth potential of the cryptocurrency.
World: Price fluctuation suggests reversal
The fluctuating prices that the cryptocurrency world is experiencing could indicate a bullish reversal that could fuel a possible increase in the price of the virtual currency.
The price of the global cryptocurrency fell 5% to $2.19 after its rebranding from Worldcoin to World.
However, from a long-term perspective, the price of digital assets is rising. According to CoinGecko data, the price of the world It has increased 47.5% in the last 30 days, a positive indicator for said crypto.
Potential resistance at $2.47
Analysts predicted that if the breakout occurs, World will encounter initial resistance at $2.47. They are keeping an eye on the cryptocurrency’s price movement because it will determine whether World continues its upward momentum or stabilizes at a lower level.
However, if the price rally intensifies, analysts said the next resistance level would be at $4.01, followed by a price target of $5.41. Some experts suggested that the price rally could even reach $6.57, which they explained would largely depend on positive momentum from its identity verification system and Implementation of Orb 2.0.
Other technical indicators
In the short term, the Relative Strength Index (RSI) showed that market sentiment towards the cryptocurrency is currently in the neutral to cautiously optimistic zone. World scored 56.41 on the RSI, which is slightly above the midpoint. It is an indicator that the cryptocurrency has slight bullish momentum.
Meanwhile, the virtual currency obtained a negative value on the Chaikin Money Flow (CMF) indicator, which measures the volume of money flow during a specific period. Its score indicates that selling outperforms buying, which means traders are cautious.
positive signal
Meanwhile, digital asset manager Grayscale has expressed interest in making an investment in the cryptocurrency. It means that the virtual token is gaining the trust of institutional investors.
If the investment goes through, World could attract other similar investors to put money into the cryptocurrency.
Grayscale has investments in other cryptocurrencies such as Bitcoin and Ethereum. It is known that once a cryptocurrency appears in its product suite, the coin usually gains more exposure and attracts more investors.
Featured image from Pexels, chart from TradingView
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