WorldCoin is one of the best-performing cryptocurrencies this weekend, rallying by 17% in the day. As of 11:27 AM GMT+3, WorldCoin was trading at $4.39. Volumes had risen by 108% to stand at $600.896 million.
WorldCoin’s rally is due to a combination of factors. One of them is news from Sam Altman, also the founder of WorldCoin. Sam Altman’s OpenAI has announced that it has launched Sora, an AI tool that converts text to video. This has triggered excitement across the AI landscape, and investors expect that the new technology’s links to Sam Altman could help drive up the adoption of WorldCoin due to FOMO buying. This is mainly driven by the fact that crypto is currently at a high level of optimism, so pretty much any news can pump up the price.
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The market is also excited that there is whale activity around WorldCoin. The most notable is a whale that has made over $2 million after buying WorldCoin at $1.66 in October last year and selling it at $3. With the current increase in buying volumes, many other traders could replicate a similar strategy and help add to the momentum around WorldCoin.
Drip+ Announced
Even bigger news is the many developments around the WorldCoin ecosystem. One such development is Drip+, which was announced by the WorldCoin team on February 13th. The idea is that anyone who signs up and connects to a WorldCoin account through the Orb gets access to digital collectibles from some of the world’s top-rated creators. The market is excited because this means even more people will likely be signing up for WorldCoin, which means more visibility in the market and a higher potential for growth.
Big news coming from Sam Altman and OpenAI, whale activity, and rewards for signing up to WorldCoin are the key drivers behind the increasing upside momentum for WorldCoin.
WorldCoin Consolidates After Rallying Through The Week, Bullish Breakout Likely
WorldCoin’s price action indicates a price consolidation as traders book profits and the overall market drops in weekend trading.
WorldCoin is currently consolidating between a low of $4.092 and a high of $4.688. If the momentum that WorldCoin has built up so far can push WorldCoin through the $4.688 resistance, then prices above $5 could be tested within the day.
However, if volumes drop and bulls cannot push WorldCoin through the $4.688 resistance, two scenarios could play out in the day. The first would be a possible consolidation between $4.688 and $4.092. A significant upside breakout could follow if bulls take control of the broader market next week.
On the other hand, if profit-taking triggers a selloff and bears break the $4.092 support, WorldCoin could easily retest $2.69, which is a crucial support level in the week.
WorldCoin Price Prediction: Why $7 Or More Is Coming Soon
From the technical analysis above, WorldCoin could continue the upside momentum, trade rangebound, or experience a selloff. Of the three scenarios, a continuation of the bullish momentum that has built up through the week is likely.
For starters, WorldCoin is trading in the general direction of the broader market. From a look at the market, it is currently consolidating, but there are little signals of a downside with Bitcoin firmly above $51k. This means a possible continuation of the upside when the markets open next week. Since WorldCoin is one of those trending at the moment, it is likely to attract more investor interest once Bitcoin gives the market another push upwards.
The developments around WorldCoin could also renew the excitement built up around WorldCoin last year. For instance, the launch of Drip+ could see more people sign up for WorldCoin expecting to receive gifts that they could monetize down the road.
Combining these factors gives WorldCoin a real potential to hit $7, or even highs of $10, either during the weekend or next week.
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