The bears have taken total control of the crypto market lately, suppressing the prices of multiple leading digital assets, including Bitcoin ($BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), Cardano (ADA), and many more.
Nonetheless, a handful of tokens have managed to remain in green territory, with Worldcoin ($WLD) among them.
Whats Coming Next？
A few hours ago, the tokens price briefly exceeded $0.55, climbing to its highest point since January. Later on, it retraced to the current $0.48 (according to CoinGecko), representing a 60% increase on a weekly basis. Its market capitalization surpassed $1.6 billion, making $WLD the 51st-largest cryptocurrency.
$WLD Price, Source: CoinGecko
Perhaps the main catalyst driving the rally is the recent whale activity. The X account BSCN revealed that $WLD transactions above $100,000 have reached their highest level this year, adding that growing accumulation, rising network activity, and an upcoming reduction in token emissions have also played a positive role.
X user Crypto Tony labeled $WLD as one of “the strongest” altcoins, expecting a pump to $0.63 if the price holds the key level at $0.45. Other popular analysts who chipped in include Altcoin Sherpa and Crypto Catalysts.
The former envisioned a pump to $0.65 if “$BTC stays stable,” while the latter noted the assets impressive performance amid the recent crypto massacre and predicted a potential ascent to $2.
For his part, Arthur Hayes – co-founder of BitMEX and CIO of Maelstrom – set a future price target of $10. He later described the token as a “shitcoin” that is “going to moon” only because of its connection to the emerging Artificial Intelligence (AI) technology.
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Going South？
It is important to note that $WLDs solid price increase can also be followed by a pullback, given how quickly the upward move occurred. Its Relative Strength Index (RSI) is the exact technical analysis tool that highlights this risk.
Recently, it soared past 70, meaning that the asset has entered overbought territory and could be on the verge of a correction. The index runs from 0 to 100, and conversely, anything under 30 is considered a bullish sign.
$WLD RSI, Source: CryptoWaves
Meanwhile, some analysts have not been so kind to Worldcoin. X user Ryker described it as a “dead project” that only follows NEAR because of the AI trend. They don‘t expect much from $WLD, claiming that the team behind it “doesn’t do anything.”