Worldcoin (WLD) has experienced a significant price increase, soaring over 50% over the past week. This growth, driven in part by market expansion, is largely due to the project’s aggressive global expansion, with more than 40 countries added to its network this month alone.
Given the overall positive market sentiment and the world’s plans to expand into more countries, Worldcoin’s price rally could continue in the short term. Here’s why.
Expanding world increases demand for WLD
World, a digital identity project co-founded by OpenAI’s Sam Altman and based on iris scanning technology, has expanded its reach, launching in more than 40 countries, including recent projects in Costa Rica, Poland and Austria this November. This rapid expansion has brought significant attention to its WLD token, leading to a noticeable rise in prices.
Over the past 24 hours, the value of Worldcoin has increased by 27%. It is currently trading at $2.73, a price level last reached in July. The altcoin’s rally in recent weeks has been supported by significant demand, as evidenced by positive performance in the daily active address (DAA) divergence metric. At the time of publication, the value of this indicator is 137.92%.
The price divergence of a DAA asset compares its price movements to changes in the number of daily active addresses. It monitors whether the corresponding network activity is supporting the asset’s price movement.
When this indicator is positive during rising prices, it is a bullish signal, indicating strong underlying momentum and the potential for further price increases. This suggests that increased network activity is supporting the coin’s growth, as increased participation often precedes price increases. As more participants are attracted, demand for the asset increases, causing its price to rise.
Moreover, market sentiment regarding WLD is currently bullish. Santiment’s data shows that its weighted sentiment is 0.64 at the time of writing.
A weighted sentiment indicator for an asset tracks the overall market sentiment towards it. When it is above zero, discussions on social networks generate predominantly positive emotions, which suggests that market participants expect prices to continue to rise.
WLD Price Forecast:
As of this writing, WLD is trading at $2.73, slightly above the $2.44 resistance level. The rising Chaikin Money Flow (CMF), which currently stands at 0.22, confirms the strong demand for the altcoin. CMF measures the flow of money into and out of an asset. When it is above zero, it signals market strength and high liquidity inflows.
If buying pressure continues, resistance at $2.44 could become a support level, setting the stage for WLD to reach $3.61. Successfully breaking through this level could send Worldcoin prices to a six-month high of $5.40.
On the other hand, if buying pressure subsides and bullish sentiment turns bearish, this forecast will be invalid. In this case, WLD could give up recent gains, fall below the $2.44 resistance and attempt to stabilize at $1.34.
