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Worldcoin is the crypto project co-founded by OpenAI CEO Sam Altman and is set to resume operations in Kenya after local police dropped their investigation into alleged illegal data collection and transfer. The project which aims to create a new "identity and financial network" by scanning users' irises in exchange for a digital ID had been suspended in Kenya since August 2023 due to privacy concerns.
According to a police document dated June 14 the Directorate of Criminal Investigations (DCI) in Kenya has closed the case with no further action required. This decision comes after a review by the Director of Public Prosecutions paving the way for Worldcoin to restart its activities in the country.
Tools for Humanity, the company behind Worldcoin expressed gratitude for the fair investigation and the decision to close the matter. The project's website claims to have already signed up 5.7 million users across more than 160 countries highlighting its global reach despite regulatory challenges.
Amid the process WLD has faced heavy price pressure in recent several months. As of the latest data today WLD is trading at $3.12 which is down 0.48% in the last 24 hours and 15.61% in the last 7 days. The token has experienced also seen a 40% drop in the last 30 days reflecting broader market volatility and project-specific concerns.
Despite these setbacks Worldcoin maintains a market cap of $770 million ranking it 92nd. The 24 hour trading volume stands at $237 million.
WLD price action has been mostly bearish since reaching its all-time high of $11.9 in early March. The token has broken down key support levels consistently establishing a pattern of lower lows and lower highs. Recently it broke below a ranging channel between $4.3 and $6 signaling continued downward pressure
The token is currently trading near its lower support levels with $2.5 serving as a critical support zone. A break below $2.8 could trigger further declines while a sustained move above the $6 resistance level would be necessary to signal a potential trend reversal. In the near term we are eyeing resistance levels at $3.7 and $4.3.
The Moving Average Convergence Divergence (MACD) is currently in negative territory with the MACD line below the signal line suggesting bearish momentum. A move into positive territory and a crossover above the signal line would indicate a potential bullish shift.
The Relative Strength Index (RSI) stands at 29, placing WLD in oversold region. This reading typically suggests that the asset may be due for a price correction or rebound. However you should be cautious as oversold conditions can persist in strong downtrends.
Looking ahead price predictions from Coincodex see a potential 225.10% increase with WLD reaching $9.77 by July 21, 2024. However they also note that the current sentiment is bearish with the Fear & Greed Index showing a reading of 63 (Greed). Over the past 30 days WLD has seen 9 out of 30 green days with price volatility at 16.22%.
