Worldcoin Rallies as European Market Expansion Drives Bullish Momentum

The recent price surge has also been supported by bullish technical indicators.

Key Notes

Worldcoin (WLD) rose 13% this week, reaching $1.65 amid growing adoption.The launch of World ID verification in Poland boosts accessibility and market presence.Technical indicators hint at a breakout above $1.59, targeting $2.00.

Worldcoin WLD $1.67 24h volatility: 5.2% Market cap: $754.53 M Vol. 24h: $292.41 M experienced a notable price increase this week, climbing over 13% as a result of its expanding user base and strategic initiatives in Europe.

Currently, WLD is valued at $1.65, with a 24-hour trading volume of $293 million, reflecting a notable uptick in the last day.

European Expansion Spurs Adoption

A key driver behind this price increase is Worldcoin’s recent entry into the European market, notably marked by its launch in Poland on September 18. This initiative allows users in Warsaw to authenticate their World ID with a specialized biometric device called the ‘Orb.’ This expansion not only enhances access to Worldcoin’s proof of humanness technology but also supports the project’s broader aim of creating a decentralized global identity verification system.

Before its launch in Poland, Worldcoin launched similar verification services in Austria and collaborated with the Malaysian government’s R&D team to advance digital proof of humanness in Southeast Asia. These strategic efforts demonstrate Worldcoin’s dedication to increasing user engagement and broadening its presence in various markets.

Bullish Technical Indicators

The recent price surge has also been supported by bullish technical indicators. WLD’s price has surpassed a critical resistance level at $1.59, which serves as the neckline of a rounding bottom pattern. A breakout above this level confirms a bullish reversal, with the next target set at $2.00.

At press time, the Relative Strength Index (RSI) stands at 57.52, indicating a moderate buying momentum. While a brief consolidation might occur, the overall bullish structure remains intact as long as the price stays above the rounding bottom curve. Traders should exercise cautious optimism and watch out for any signs of weakening momentum.

Inflows and Market Sentiment

As of September 19, WLD has seen net inflows of $1.87 million, further adding to the buying pressure. However, trading volume has recently decreased, with the number of WLD transactions falling from 9.15 million on September 12 to 3.61 million by September 18. This decline could signal market caution as traders await a clearer direction.

Despite this, the overall market sentiment surrounding Worldcoin remains positive, buoyed by its successful European expansion and bullish technical outlook.

Growing Momentum in Digital Identity

Adding to its momentum, Worldcoin announced on September 13 that it would integrate World ID into the Solana blockchain, utilizing a new cross-chain protocol from the Wormhole Foundation. This integration will allow developers to easily incorporate World ID authentication into decentralized applications (dApps) on Solana, enhancing trust and usability across chains.

As Worldcoin expands its verification system into new markets, including Poland and Malaysia, the rising demand for its native token, WLD, reflects its growing adoption. The combination of European expansion and strong technical signals indicates that Worldcoin is poised for continued bullish momentum in the ever-evolving digital identity landscape.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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