WorldCoin price continued rebounding this week as Bitcoin and other altcoins bounced back. The WLD token price soared to a high of $5.85 on Monday morning, about 54% above its lowest point in April. Still, the token remains about 50% below the highest point this year.
Top WorldCoin news
WorldCoin token price has been in the spotlight in the past few weeks after the company made several important news.
The developers announced that it will create World Chain, a new blockchain that will help developers build quality decentralized applications (dApps). It will be an Ethereum Layer 2 network, which will help to boost its speeds and lower transaction costs.
World Chain will be much different than other chains like Ethereum, Sui, Polkadot, and Solana in that its users will be verified using the World ID network. As a result, developers can build applications that are free from bots, which are common in the industry.
As part of the World Chain launch, WorldCoin is now offering grants to developers willing to build on the network. Grantees will also receive technical education and mentorship from the developers.
According to its website, WorldCoin has over 10 million users from around the world and the number is growing. These users have already done over 70 million transactions in its wallet.
Still, WorldCoin faces substantial challenges ahead. First, the blockchain industry faces significant competition. Ethereum is still the biggest player in the industry while chains like Tron, Solana, Avalanche, and Cronos are slowly gaining market share.
Some big blockchain launches have not been all that successful. For example, while Coinbase has a big name in the industry, its Base Blockchain network is still smaller than platforms like Blast, Arbitrum, and BNB Chain.
Second, it is unclear whether the network will attract many developers and users in the network. Finally, there are doubts about whether the registered users will move to the blockchain network.
WorldCoin price forecast
The daily chart shows that the WLD token peaked at $11.97 on March 10th of this year. It has now crashed to about $6. The token is now consolidating at the 50-day and 25-day Exponential Moving Averages (EMA).
It has now bottomed at around $4.18, where it formed a double-bottom pattern whose neckline is at $6.17. The Relative Strength Index (RSI) has jumped above the neutral point of 50.
At the same time, the two lines of the Percentage Price Oscillator (PPO) have formed a bullish crossover pattern. Therefore, the outlook for the WLD token is bullish, with the next point to watch will be at $8. The alternative is a situation where the token resumes its bearish trend and retests the support at $4.20.
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