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Worldcoin Opens Orb Software to Public To Boost Transparency — What’s Next For WLD Price?

Last Updated March 25, 2024 1:10 PM
Nikola Lazic
Last Updated March 25, 2024 1:10 PM

Key Takeaways

  • Worldcoin’s iris tech goes public, enhancing transparency and trust.
  • WLD’s price surge to $8 raises questions on future highs.
  • WLD may enter correction phase, despite recent gains.

In a bold move to boost transparency and user trust, the Worldcoin Foundation has released its Orb iris scanning technology to the public. This groundbreaking technology, designed for secure online identity verification, is now accessible on GitHub under a dual licensing model. 

The price of the WLD token is trading above $8, a 9% increase over the weekend. But can it continue moving forward above its $12 all-time high? 

Iris Scanning Technology Was Made Public

Making the software publicly available marks a significant step towards improving privacy and transparency in the digital age. It allows anyone to scrutinize the project’s approach to protecting biometric data, fostering greater confidence in Worldcoin‘s initiatives. The foundation emphasizes that this move is part of a broader strategy to enhance hardware with easily accessible software, aiming for full transparency and external audit support in the future.

Moreover, Worldcoin introduced a “Personal Custody” feature, empowering users with greater control over their data. This feature enables users to encrypt their personal information, ensuring access is exclusively theirs. It significantly reduces the need for repeated identity verifications via the Orb, positioning Worldcoin at the forefront of secure and user-centric online identity verification solutions.

 

WLD Price Analysis 

WLD embarked on a significant uptrend from its previous low of $2.15 on January 23. The momentum intensified, resulting in a rapid price increase to nearly $12 at its peak on March 10. Following this peak, the price retreated to just above $7 by March 20.

Daily chart
WLD makes a 9% recovery since the last low

The four-hour Relative Strength Index indicates that WLD was in an oversold condition at its last low. This suggested a potential for a short-term rebound, though the price of WLD may still encounter further declines.

Despite this, the overall market trend for WLD remains positive, and the anticipated downward movement is viewed as a corrective phase within a larger bullish context. The next price target is around $5.50, which falls below the current support level.

Judging from the wave structure analysis, WLD finished its long-lasting five-wave uptrend, making it more likely to enter a prolonged correction phase rather than continue moving up. If this is true, then the recovery from March 20 is a corrective one and would end as a lower high than its $12 high. 

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.

 

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