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- The price of WLD is up 10% in the last 24 hours.
- The price spike is due to the release of the World ID 2.0 upgrade.
World Coin (WLD) has seen double-digit gains over the past 24 hours. This comes after Worldcoin announced significant updates to the protocol and integrations with other platforms including Reddit, Telegram, Minecraft, Shopify, and Mercado Libre.
Introducing World ID 2.0 https://t.co/EklnjoCPlN
— World Coin (@worldcoin) December 13, 2023
Dubbed “World ID 2.0,” the project describes the upgrade as “a more powerful, privacy-preserving “humanity” digital passport with exciting app integrations and a series of new features.”
inside press releaseWorldcoin noted:
“World ID 2.0 makes it easier to distinguish between bots and verified humans online, and new pre-built integrations help protect your privacy in popular apps and services.”
In addition to the new integrations, Worldcoin has confirmed that it has integrated upgrades with applications including Discord, Talent Protocol, and Okta’s Auth0.
WLD is rising, but there are also problems
In the last 24 hours, the price of WLD has increased by 10%. The altcoin was trading at $2.56 at press time, according to data from CoinMarketCap. During the same period, trading volume also increased by 40%.
However, evaluating price performance on the daily charts shows that a new bearish cycle will begin on November 29th.
This suggests that the recent uptick may be due to hype over protocol upgrades and not supported by actual demand.
AMBCrypto has discovered that a bearish cycle begins when WLD’s MACD line crosses below the trendline.
When an asset’s MACD line crosses below the trend line and begins a downward trend, it is considered a bearish signal.
This crossover means that the short-term moving average (MACD line) has fallen below the long-term moving average (signal line), indicating a re-emergence of weakness.
This movement is often interpreted as a sell signal because the price usually falls whenever this happens.
After the crossover occurred, WLD’s Chaikin Money Flow (CMF) was positioned below the center line. A CMF value less than 0 means that selling pressure is stronger than buying pressure as liquidity continues to leave the market.
WLD’s CMF, still in negative territory at press time, was -0.02.
It looked set to break above the central line, but this could be attributed to the uptick in trading activity recorded in the last 24 hours.
Realistic or not, the market cap of WLD in ETH terms is:
Lastly, the token’s on-balance volume has plummeted since the beginning of the month.
At press time, it was 242.87 million, down 7% since December 1. This suggests that selling activity has been outpacing buying activity since then.
Source: WLD/USDT on TradingView