Worldcoin Price Could Be Making Bearish Signal As It Struggles At $5 – Is $3 Next for WLD?
Worldcoin technical indicator shows a bearish signal
Key Takeaways
- Worldcoin price struggles to establish uptrend.
- New SMPC system enhances biometric data security.
- WLD price likely to test lower support levels.
Since its April 13 low of $4, the price of Worldcoin has been trying to establish an uptrend, but to no avail. Worldcoin recovered to $6.50 on May 6 but, after attempting to surpass this high on May 13, WLD fell to $4.60.
On May 16, it fell by 4.5% after spiking above $5 the day before. We received an early signal of further downtrend continuation, raising the question—where is WLD headed next?
Worldcoin Ditches Iris Code For New Tech
In an attempt to increase user data privacy, the Worldcoin Foundation, in collaboration with TACEO, has launched a new open-source secure multi-party computation (SMPC) system to enhance biometric template protection.
This allows the secure deletion of outdated iris codes, reinforcing Worldcoin’s commitment to rigorous data protection standards. The SMPC technology, which improves the handling of sensitive biometric data, is now accessible on GitHub for developers to use and further refine.
Although implementing this technology requires substantial system resources, it offers significantly faster speeds. This initiative marks a step forward in setting up a new benchmark for data security.
Worldcoin (WLD) Price Analysis
From its all-time high of nearly $12 on March 10, we saw a 69% decrease to a low of $3.73 on April 13. It quickly turned around, and the daily chart candle closed at $4.40, finding support at the 0.786 Fibonacci level.
Since then, an ascending channel has come into play. There was a possibility it could have been a starting uptrend, but the last downturn from May 13 confirmed it was corrective. A breakout is should now happen, with the price back at its support level, putting pressure. This is further confirmed by the daily chart MACD. This shows a death cross on its moving averages and a red oscillator bar.
If this happens, the next likely target for the WLD price would be the $3.50 zone. However, the baseline ascending support would be near in that case, so we could see its retest at $3.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
