The price of Worldcoin (WLD) has dropped 5%, falling to $2.11 following the project’s rebranding to “World” and the introduction of its new technology, Orb 2.0. This downturn occurred despite the bullish technical patterns observed in the market.
Key Highlights
Rebranding Announcement: Worldcoin has officially rebranded to “World” and introduced Orb 2.0, leading to a price decline to $2.11 post-announcement.
Enhanced Technology: The new Orb 2.0, powered by Nvidia Jetson, aims to provide a fivefold AI performance boost in identity verification.
Bullish Technical Indicators: Despite the recent drop, technical patterns suggest a potential bullish reversal with a stretch target of $6.57 for WLD.
Worldcoin Rebranding and Orb 2.0 Introduction
At a recent media event in San Francisco, co-founders Sam Altman and Alex Blania announced that Worldcoin will now be known simply as World. This rebranding reflects a shift in focus beyond digital asset ownership, aiming to enhance identity verification in an AI-driven landscape.
Orb 2.0 is a significant upgrade featuring an Nvidia Jetson chipset, which boasts five times the AI capability of the previous model while using fewer components. The new Orb is designed to expand its usability, allowing for self-service kiosks and the option for users to call upon the Orb via an application.
Despite these ambitious developments, WLD’s price fell by 5% to $2.11 immediately after the announcement, indicating some skepticism among traders regarding the project’s future.
WLD Price Reaction to the Announcement
Following the rebranding and unveiling of Orb 2.0, the WLD token’s price dropped from $2.26 to $2.11. The event showcased advanced technologies aimed at market integration, yet it did not prevent the negative market reaction.
Additionally, the project introduced World Chain, a Layer 2 Ethereum-based blockchain designed to improve scalability and security by leveraging Ethereum technology. Major players in the blockchain industry, including Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan, are supporting the launch of this blockchain.
Technical Analysis and Future Outlook
WLD’s price action has formed a falling wedge pattern over the last few months, a formation often indicative of a bullish reversal. Although the token is currently facing downward pressure, such compression typically precedes a price breakout.
Technical Indicators:
Relative Strength Index (RSI): The RSI for WLD is currently at 56.41, indicating slightly bullish momentum. An RSI above 50 suggests a neutral to cautiously optimistic market sentiment in the short term.
Chaikin Money Flow (CMF): The CMF stands at -0.15, suggesting more selling pressure than buying at this time. This negative value corresponds with the recent price drop, as traders exercise caution and await clearer signs of a reversal.
Potential Price Targets
Despite the recent 5% drop, the falling wedge pattern could signal a bullish breakout for Worldcoin. If a reversal occurs, WLD may encounter initial resistance at $2.47, its previous local high. Key targets identified by analysts include:
First Target: $4.01
Second Target: $5.41
Stretch Target: $6.57
Achieving these targets will largely depend on the successful adoption of World’s identity-verification system and the effective deployment of Orb 2.0.
In conclusion, while Worldcoin faces short-term challenges following its rebranding and new technology announcement, there is optimism in the technical indicators that suggest a potential bullish reversal may be on the horizon.
Related topics:
Cryptocurrency Prices on October 11: BTC Holds Steady at $60K, While WIF and UNI Surge
BlackRock & Metaplanet Buy Bitcoin Dips as Market Turns Sour
XRP Whales Transfer 81 Million Coins Amid Ripple’s Legal Maneuvers Against SEC
