Analysts are optimistic that cryptocurrency World, formerly known as Worldcoin, could potentially have a price rally despite experiencing a recent price drop.
Sam Altman’s Worldcoin said during a media event in San Francisco that it will now be branded as environment to expand its focus beyond digital asset ownership to identity verification in an AI-driven environment. Sam Altman and Alex Blania introduced the Orb 2.0, an upgraded iris-recognition system.
The positive outlook on the World coin indicates that its value is forecasted to increase significantly in the upcoming weeks on the back of the crypto’s strong growth potential.
World: Price Fluctuation Suggests A Reversal
The fluctuating prices that World crypto is experiencing could possibly signal a bullish reversal that could drive a potential price uptick for the virtual coin.
The price of World cryptocurrency dipped by 5% to $2.19 following its rebranding from Worldcoin to World.
However, from a long-term perspective, the price of digital assets is going up. According to the data from CoinGecko, the price of World has surged by 47.5% in the last 30 days, a positive indicator for the said crypto.
Potential Resistance At $2.47
Analysts predicted that if the breakout happens, World will encounter an initial resistance at $2.47. They are keeping an eye on the crypto’s price movement because it will determine if World continues with its upward momentum, or it will settle to a lower level.
However, if the price rally beefs up, analysts said the next resistance level would be at $4.01 followed by a price target of $5.41. Some experts suggested that the price rally could even hit $6.57, which they explained would rely heavily on the positive boost from its identity verification system and Orb 2.0 deployment.
Other Technical Indicators
In the short-term, the Relative Strength Index (RSI) showed that the market sentiment for the crypto is currently in the neutral to cautiously optimistic zone. World scored 56.41 at the RSI, which is slightly above midpoint. It is an indicator that the crypto has a slight bullish momentum.
Meanwhile, the virtual coin scored a negative value at the Chaikin Money Flow (CMF) indicator, which measures money flow volume over a specific period. Its score indicates that selling outweighs buying, which means traders are cautious.
Positive Signal
Meanwhile, digital asset manager Grayscale has expressed its interest in making an investment in the cryptocurrency. It means that the virtual token is gaining the trust of institutional investors.
If the investment pushes through, World could attract other similar investors in putting money into the crypto.
Grayscale has investments in other cryptocurrencies such as Bitcoin and Ethereum. It is known that once a crypto gets listed in its product suite, the coin usually gets more exposure and entices more investors.
Featured image from Pexels, chart from TradingView