Worldcoin Price Skyrockets 42% as Foundation Announces Lock-Up Extension

The Worldcoin (WLD) price has surged over 42% in the last 24 hours to trade at $3.09 as of 6 a.m. EST on a 163% pump in trading volume to $1.2 billion.

This surge comes as the Worldcoin Foundation announced they’re extending the lock-up period for WLD tokens from three to five years. This move addresses investor concerns about the large supply of WLD entering circulation in recent months.

Worldcoin token jumps 20% with unlock for early contributors starting next week, period extended https://t.co/FPxi7obR7v

— The Block (@TheBlock__) July 16, 2024

Worldcoin announced an extension of the token lock-up period for early Tools for Humanity (TFH) contributors and investors from three to five years.

TFH, the software company that initially developed the Worldcoin project before transferring ownership to the Worldcoin Foundation, continues to help develop and operate the World App. As a result, the TFH team received locked WLD tokens as a reward for their efforts.

This month, Worldcoin is unlocking its highest amount of tokens yet, with Token Unlocks data reporting that approximately 53% of its supply, valued at over $600 million, will enter circulation.

Worldcoin Price Statistics

• Worlcoin price: $3.09
• Market Cap $857 Million 
• Trading Volume: $1.2 Billion
• Circulating Supply: 276 Million
• Total Supply: 10 Billion

WorldCoin Price Rebounds on Uptrend Line

The world coin price indicates a downtrend after the bulls hit resistance at $12.1, allowing the bears to push the price down. The struggle for price control has led to the formation of a bearish channel pattern, which traders look to for a bullish reversal.

However, there is a rebound subsequent to the initial drop, indicating a potential foothold for the bulls. The support zone at $2.03 has provided a strong foundation for bulls to initiate a rally within the bearish channel to the upper trendline.

WLDUSDT Analysis (Source: Tradingview)

However, the WLD/USD pair faces resistance at the 50 simple moving average (SMA). If it breaks above this average, it could gain upward momentum and reach the resistance level of $3.47. A push above this level could help the bulls catapult the price above the 200 SMA, supporting the general bullish momentum. 

The rebound on the uptrend line is also supported by a double bottom formation formed by two distinct lows resting on the bearish channel. 

Worldcoin Price Bullish on Technicals

Technical indicators, the Relative Strength Index (RSI) and Awesome Oscillator (AO), further suggest the upward movement of Worldcoin price. The RSI is trading above its neutral position of 50, surging to 64, indicating intense buying pressure, while the AO is bullish and trading above its neutral position.

According to the  analysis above, the price of Worldcoin is balanced on the 5O SMA. If the price breaks above the moving average, it could give the bulls hind wings to propel the price to a $8.76 high. 

Conversely, a daily candlestick close below the 50 SMA  would see the crypto drop first toward the recent low at $2.35. A drop could further force the bulls to retreat toward the psychological support level of $1.86.

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