Worldcoin Price Analysis: WLD Price Rallies with Strong Support from Spain

Worldcoin (WLD) price has been in a positive trend in the last 24 hours with prices moving between an intra-day high and low of $4.86 and $5.10. This rally is attributed to to the recent support from Spain which has endorsed increased investor interest. This support was highlighted in the latest survey done by Worldcoin, under Sam Altman, among the Spanish voters.

Concurrently, WLD’s market capitalization and 24-hour trading volume surged by 2.20% and 13.67%, reflecting the increased investor interest. If this trend continues and the $5.10 resistance is breached the next resistance levels to watch out for are at $5.30 and $5.50. However, if bears take control and push prices below $4.86, the next support levels to monitor are at $4.70 and $4.50. 

Why is the Worldcoin Price Rising?

During this survey, only 10% did not support the return of the operations of Worldcoin with 90% giving the green light.

Subsequently, 73% of the people involved in the survey were positive that Worldcoin could be a pathway for a safer and more secure internet. Moreover, more than 80% backed the firm’s security protocol of World IDs insisting that they could help set apart human beings and bots and hence suggested they feel safe using Worldcoin.

Concurrently, according to the report, among Peru’s respondents, about 90% advocate for a technology-based solution to control human/bot identification. In addition, Mexico and Columbia have shown similar stance. In Mexico, for instance, 75% feel safer with knowing that content is generated by a human.

These findings come amid Tools for Humanity's (TFH) announcement of an extension to halt its orb operations in the country. According to the firm, this move is an attempt to align with the ongoing investigation by the German Bayerische Landesamt für Datenschutzaufsicht (BayLDA) that is looking into the compliance of Worldcoin with the General Data Protection Regulation (GDPR).

In its defense, Worldcoin affirmed that it uses zero-knowledge proofs (ZKP) to make sure user privacy is kept and has made improvements such as open-sourcing its biometric data and implementing advanced age verification controls. Subsequently, the company has deleted its old iris scans transforming them into SMPC shares.

WLD/USD Technical Analysis

On the WLDUSD 4-hour price chart, the Relative Strength Index (RSI) rating of 61 suggests that the bullish momentum is still strong since overbought levels are yet to hit. This trend supports the continuing of this bull rally with the potential to retest the intra-day high.

The Awesome Oscillator also adds to the bullish rally with green bars suggesting an increasing buying pressure which usually precedes a bullish breakout. With the moving Average Convergence Divergence (MACD) trend too in the positive region, the optimism in the Worldcoin market is increasing which is a bullish signal. Subsequently, the histogram is making higher bars to back the momentum in the market.