.png){kind=logo}
In a recent development Worldcoin has announced the expansion of its World ID verification services to Ecuador. Starting June 26 in Guayaquil and June 27 in Quito, Ecuadorians aged 18 and above will be able to verify their World ID at six locations across these two cities. This move adds Ecuador to the growing list of Latin American countries offering Worldcoin services including Argentina, Chile, Colombia, Mexico and Peru.
Meanwhile Worldcoin has also received positive news from Kenya where police have dropped an investigation into allegations of illegal data collection and transfer. This decision clears the way for Worldcoin to resume operations in the country which were suspended in August 2023 due to privacy concerns. Thomas Scott who is the chief legal officer at Tools for Humanity has stated that user registration in Kenya will resume soon.
Worldcoin co-founded by OpenAI CEO Sam Altman reports having signed up 5.7 million users across more than 160 countries. The project aims to create a new "identity and financial network" by scanning users' irises in exchange for a digital ID.
On the charts WLD has experienced a strong bearish trend since reaching its all-time high of $11.9 in early March. The price has consistently broken structures to the downside creating lower lows and lower highs. Recently it broke down from a ranging channel between the $4.3 and $6 levels.
The current price action suggests two potential scenarios. A rebound and close above the $6 resistance level could indicate a trend reversal potentially leading to higher targets. However a further drop to the $2.5 support zone might delay any potential trend reversal. Key resistance levels to watch are $3.7 and $4.3 while the main support level is at $2.5.
Technical indicators provide additional insights into WLD current market position. The MACD (Moving Average Convergence Divergence) is currently showing a sell signal with the MACD line below the signal line. This negative value indicates bearish momentum. For a bullish trend to emerge the MACD would need to move into positive territory and cross above the signal line.
The RSI (Relative Strength Index) is currently at 30 placing it in the oversold region. An RSI reading below 30 typically suggests that an asset is oversold and may be due for a price correction or rebound. This indicator might provide some hope for bulls looking for a potential price recovery.
On-chain metrics from Into The Block offer an interesting perspective on WLD holders profitability. Currently only 30% of holders are making money at the current price while 67% are out of the money and 3% are at their break-even point. This data suggests that a significant portion of WLD holders are currently underwater on their investments which could potentially lead to increased selling pressure if the price continues to decline.
WLD price movement will likely depend on several factors including broader market trends, project developments and adoption rates. The expansion into new markets like Ecuador and the potential resumption of operations in Kenya could provide positive catalysts for the project. However, the current technical setup suggests caution with the price hovering near support.
