Worldcoin: Can WLD sustain its rally and hit $10 soon

  • WLD experienced a 90% price surge in a week, fueled by hype from OpenAI’s Sora video product.
  • Network growth and velocity of the WLD token declined.

Worldcoin [WLD], the cryptocurrency project co-founded by OpenAI CEO Sam Altman, has witnessed an impressive 90% surge in its price over the past week. This surge, fueled by a combination of factors, raises questions about the sustainability of the remarkable growth.

Looking at the price

The primary catalyst behind the surge is the hype surrounding artificial intelligence (AI), particularly linked to OpenAI’s recent video product, Sora.

The popularity gained by Sora has spurred increased investor interest in Worldcoin, contributing significantly to the surge. However, it is uncertain whether this rally can sustain itself.

Analyzing the recent price movement of WLD provides insights into the potential trajectory of the token.

Over the past week, WLD exhibited multiple higher highs and higher lows, indicating a bullish trend. The Relative Strength Index (RSI) for WLD stood at 63.77, suggesting that the token is in a positive momentum phase.

This metric signifies potential overbought conditions, warranting careful monitoring.

Examining the Chaikin Money Flow (CMF) at 0.10 revealed a positive inflow of money into WLD. This is a promising sign, indicating strong buying pressure and supporting the ongoing surge in price.

Source: Trading View

Contrastingly, network growth has witnessed a decline, hinting at reduced interest from new addresses.

Similarly, the velocity of WLD has also decreased, pointing towards a declining frequency of WLD transactions. These metrics suggest a potential waning of enthusiasm and engagement with the token.

The MVRV (Market Value to Realized Value) ratio for WLD also declined, indicating that a notable portion of holders might be selling off their holdings.

This could be a response to the recent surge, as some investors choose to capitalize on profits.

Worldcoin on Ethereum WLD 17.20.32 23 Feb 2024.png

Source: Santiment

Getting social

Despite these indicators, the Worldcoin app has been gaining popularity, with the World App becoming the most downloaded app in multiple countries globally.

This suggests a broader interest and adoption of the Worldcoin ecosystem beyond just speculative trading.

Screenshot 2024 02 23 at 5.23.01 PM

Source: X

Realistic or not, here’s WLD’s market cap in ETH terms

Social dynamics around WLD tell an intriguing story. Social volume has surged, signifying increased conversations and mentions across various platforms.

Moreover, sentiment around the token remains positive, reflecting a favorable outlook among the community.

Worldcoin on Ethereum WLD 17.24.15 23 Feb 2024.png

Source: Santiment

Next: DOGE gearing up for a rally? Answering the how, when and why

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