Worldcoin’s (WLD) price has dropped 5% following the project’s rebranding to “World” and the unveiling of its new Orb 2.0 technology. The cryptocurrency, designed to create an international identification network, dropped to $2.11 during a recent appearance by co-founders Sam Altman and Alex Blania to discuss the project’s future.
Worldcoin Rebranding to “World” and Introduction of Orb 2.0
At a media event in San Francisco, Sam Altman’s Worldcoin has unveiled that it will now be known as World as the company seeks to expand its focus beyond just the ownership of digital assets to include identity verification in an AI-driven world. Sam Altman and Alex Blania unveiled the Orb 2.0, an improved version of the project’s iris-recognition technology.
This new Orb is equipped with a Jetson chipset from Nvidia, which has five times the AI capability of this previous model while using fewer components.
The Orb 2.0 is expected to support broader availability, including self-service kiosks, and to have an option to call the Orb to one’s service via an application. The rebranding and the launch of Orb 2.0 are intended to extend the scope of the World’s global identity-verification network and increase the usage of the system. However, these developments coincided with the decline in the WLD token price, which dropped by 5 % to $ 2,11 after the event.
WLD Price Reacts to the Announcement
After the announcement, the WLD price token dropped from $2.26 to $2.11. Despite the display of advanced technologies that could be used in the market, a number of traders remained skeptical during the event.
Meanwhile, as part of the rebrand, World also unveiled World Chain, the project’s Layer 2 Ethereum-based blockchain network. This blockchain is built to offer scalability and, at the same time, increase the security through the use of Ethereum technology.
World Chain has support from major entities in the blockchain industry such as Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan, all which will be supporting the launch of the blockchain. Despite this, the price action of WLD over the last few months has formed a falling wedge, which may be an indication of a bullish reversal.
The falling wedge means that although the token is under pressure at the moment, it is common for such compression to lead to a price breakout. Investors are now looking for a potential reversal in WLD, if the advancements in Orb 2.0 and the World’s efforts to expand its identity-verification process will lead to a greater demand.
Technical Indicators Hint at Reversal
Looking at the technical analysis, the Relative Strength Index (RSI) for WLD is currently at 56.41, placing it near the midpoint of the 0-100 scale. An RSI above 50 typically indicates slightly bullish momentum, though it does not signal extreme buying or selling conditions. With the RSI positioned just above 50, the market sentiment for WLD appears neutral to cautiously optimistic in the short term.
On the other hand, the Chaikin Money Flow (CMF) indicator, which assesses money flow volume over a specific period, stands at -0.15. This value suggests there may be more selling pressure than buying now, indicating caution among traders. The negative CMF value aligns with the recent price drop, as traders are likely waiting for more substantial signs of a reversal before taking further action.
Source: TradingView
Despite the recent 5% drop, the falling wedge pattern could soon signal a potential bullish breakout for Worldcoin price. Should this reversal occur, WLD may face initial resistance around $2.47, its previous local high. If the breakout strengthens, the price could move toward key targets identified by technical analysts.
The first price target is $4.01, followed by a secondary target at $5.41. A stretch target could see WLD reaching as high as $6.57, though such growth would depend heavily on the positive momentum from further adoption of World’s identity-verification system and the successful deployment of Orb 2.0.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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