Will Worldcoin’s Price Drop Further After 70% Drop from Peak?

The latest on crypto is that the price of Worldcoin (WLD) has stabilized after a volatile debut across mainstream cryptocurrency exchanges. On July 29, the WLD rose nearly 6%, reaching $2.35, though it was still down 70% from its market debut peak of $7.50. Now, it appears stuck inside the $2–2.50 trading range, hinting at a growing conflict in the crypto market.

WLD could stick around $2 until October

Notably, WLD is a part of the Worldcoin Foundation launched by OpenAI’s Sam Altman on July 24. The token has a maximum circulation supply of 143 million, with 43 million going to Worldcoin’s app users via airdrop— 25 WLD per user — if they verify their identity using an eye-scanning physical orb.

The remaining 100 million tokens have been loaned to market makers outside the United States until October 2023. These market makers can return the WLD tokens or buy them for $2 + ($0.04 * X) — where X is the number of tokens being purchased divided by 1 million.

As a result, WLD price appears to be anchored around the $2 level, which, according to Kaiko Research, could be Worldcoin’s strategy to keep the token attractive for potential users. Convincing people to scan their eyes for 25 units of a token that doesn’t yet exist, like the latest voyager crypto or rose crypto, can be a difficult task. AI breaking technology, such as crypto.com latest, near crypto, web 3.0 stock price, or now crypto, could help keep crypto prices attractive.

Worldcoin price technical analysis

Data from Dune Analytics reveals that the number of Optimism wallets holding WLD tokens has risen to nearly 305,000 since July 24, while transfer volume has decreased in the same timeframe, indicating that traders are preferring to hold the token.

Due to its recent launch, WLD lacks the history required for a long-term price analysis. However, a shorter-timeframe chart shows that the Worldcoin token is fluctuating within an ascending channel pattern.

As of June 29, the price is near the lower trendline of the channel and could rebound towards the $2.35–2.40 range (marked as “resistance 1” in the chart), which coincides with the upper trendline.

If the price closes above the upper trendline, the WLD price may increase further towards the $2.50–2.56 range (resistance 2) in Q3, representing a 12% increase from current levels.

On the other hand, a break below the lower trendline could push the WLD price into the $2.15–2.20 range (support 1). A close below this range could have the price test the $2–2.10 range as its next downside target, a 10% decrease from the latest crypto prices.