Liquid Staked ETH (lseth) 
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After a week of consolidation, Worldcoin (WLD) is showing signs of upward momentum, supported by increased World ID adoption and technical indicators pointing to bullish potential.
Worldcoin’s Impressive Rally
On May 23, during Asian trading hours, Worldcoin surged by 31%, reaching an intraday high of $1.63. This marks a staggering 180% recovery from its lows over the past month. The rally was accompanied by a significant increase in market participation, with spot trading volume rising by 160% to nearly $1.3 billion, while derivatives volume spiked by 208% to $2.69 billion. Open interest also climbed by 48% to $427 million, indicating growing investor confidence.
Key Factors Driving Growth
The primary driver behind Worldcoin’s recent surge is renewed investor interest following the announcement of $135 million in funding raised by the World Foundation. In a May 21 update, the team revealed that the fresh capital would be allocated to expanding its iris-based identity network, World ID.
Leading investors such as Andreessen Horowitz and Bain Capital Crypto participated in the funding round, purchasing Worldcoin tokens at market price. This not only increased token circulation but also added significant institutional backing, boosting the project’s credibility.
Expanding Adoption of World ID
World ID adoption is gaining traction globally, with notable growth in the U.S. and across Asia. Singapore leads the way with over 100,000 users, while Japan and South Korea each added more than 10,000 new users in April. Additionally, the network has expanded into Southeast Asian markets, including Thailand, Indonesia, Malaysia, and the Philippines.
On-chain data supports this growth, showing an increase in daily active addresses and accumulation by large holders. These factors align with the current price breakout.
Technical Analysis: Bullish Signals
From a technical perspective, WLD has broken out above the upper boundary of a rising wedge pattern, defying the typical bearish reversal associated with this formation. The token is now trading above its 50-day Simple Moving Average (SMA) and approaching the 200-day SMA, reinforcing its bullish trajectory.
Additionally, the 200-day Exponential Moving Average (EMA) has flipped into support, a positive sign for further gains. The Moving Average Convergence Divergence (MACD) indicator is also turning upward, suggesting continued bullish momentum.
Potential for a Cup and Handle Pattern
Analysts have identified a potential Cup and Handle pattern forming on the daily chart. The cup’s bottom is at $0.58, and the neckline is around $2.50. If this pattern completes and breaks out, it could drive WLD toward its next target.
The immediate psychological resistance level is $2.50, representing a potential 60% increase from current prices. If WLD surpasses this level, it may aim for the 78.6% Fibonacci retracement level at $3.
Price Outlook and Risks
Many analysts predict that WLD could reach the $2.20–$2.50 range between June and July, provided the bullish momentum continues. However, the Relative Strength Index (RSI) is nearing overbought territory, suggesting a possible short-term correction or sideways movement before the next breakout.
If WLD dips below the $1.479 200-day EMA, the next strong support level lies around $0.97, aligning with the 200-day SMA.
Current Price Status
As of now, WLD is trading at $1.55 per token, which remains 86.7% below its all-time high of $11.74 recorded in March 2024.
Disclosure: This article is for educational purposes only and does not constitute investment advice. Always conduct your own research before making financial decisions.
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