The price between the bulls and bears were intense throughout the chart. Since its April 13 low of $4, the price of Worldcoin has been trying to establish an uptrend, but the bulls are failing to establish to hold their ground. Worldcoin recovered to $6.50 on May 6. However, after attempting to surpass this high on May 13th, WLD fell back to $4.60 and started consolidating on this support.
What’s Cooking In Worldcoin Ecosystem!
According to the official tweet on X, the Worldcoin Foundation and TACEO have introduced a new open-source secure multi-party computation (SMPC) system to improve biometric template protection and boost its user’s data privacy.
1/ The Worldcoin Foundation is proud to launch and open source a new SMPC system for increased user privacy!https://t.co/gkjcqZcOOC
— Worldcoin Foundation (@worldcoinfnd) May 15, 2024
Similarly, this characteristic of SMPC enables the safe removal of the old iris codes; this highlighted the Worldcoin asset’s strong dedication to strict data protection measures. Likewise, the SMPC technology, which would assist in enhancing the management of its sensitive biometric data, was available on the GitHub platform for developers to utilize and improve.
Despite the heavy demand for system resources, this technology provides much faster speeds. Also, this project represents progress in establishing a fresh standard for safeguards in data.
Uncovering The Hidden Aspects Of Worldcoin Price On Daily Chart
After analyzing the price structure on the daily chart, it has been observed that after reaching a peak of nearly $12 on March 10, 2024, it suffered a drastic drop of almost 65% to a bottom of $3.80 on April 13. It rapidly changed direction, causing the daily chart candle to close at a price of $4.45.
From that time, an upward channel was in play. It could have been the beginning of an uptrend, but the recent drop on May 13 showed that the buyers were weak.
If this weakness continues, the next probable objective for the WLD price is expected to be the $3.55 area. Nevertheless, if the support is broken, it could drop below the $2.0 price point.
At press time, the price was trading at $4.95 with a 1.07% intraday increase, and at coinglass, the open interest surged +3.84% at $222.44 Million. Meanwhile, the derivative volume has declined by 9.63%, and liquidation long is at $374.46k, with short at $299.96K.
Therefore, if the price spikes upwards and the volume increases in the asset, then the price could blast upwards in this scenario, and the possible targets would be to reach around the $6.0 and $7.50 price mark.
Summary
The Worldcoin price has fluctuated between bulls and bears, and they are struggling to establish an uptrend. The Worldcoin Foundation and TACEO have introduced a new secure multi-party computation (SMPC) system to enhance biometric data security. Despite a recent drop in price, there is potential for the price to reach $6.0 and $7.50 if bullish momentum increases.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
