Worldcoin (WLD) price has rocketed 15% up and is now second in top gainers for the day. The price jump is also consistent with the announcement of the World ID Passport Credential. This is a new feature shown off at the “A New World” event in San Francisco.
Operational now in Chile, Colombia, Malaysia, and South Korea, the plan is to improve user access and security with the pilot program.
Details of the Development
With Worldcoin’s World ID Passport Credential, users can link NFC-enabled passports to their World ID so securely.
This feature therefore guarantees that sensitive personal data is stored solely on the user’s device. It is protected and increased privacy with the anonymizing function of the World ID protocol.
Plans are to expand to Android. But first, the pilot aims to reach out to iOS users to increase the scope of reach and the adoption.
In addition to providing more secure and private service, the World ID Passport Credential extends the utility of the World ID by enabling a broader group of individuals to verify parts of their identity without sacrificing anonymity.
Beyond security enhancements, the credential program also includes an incentive mechanism by giving out extra WLD tokens to the participants.
Worldcoin is also going to be releasing World ID Passport Credential to other countries. WLD’s adoption and use could be set for an upswing.
Market Response and Technical Analysis of Worldcoin Price
This announcement brought a strong reaction to the markets as the price and trading volume of WLD also went up. Worldcoin price started at $2.50. Then shot up quite quickly to the price of $2.90.
The height of the peak was coincident with an elevated level of trading activity. This is consistent with the post-news surge in investor interest and speculative trading from the news.
The candlestick patterns show bullish sentiment immediately becoming green bars having broken out and overcoming previous resistance.
A notable rally that had the support of a spike above its average line in the volume oscillator was Worldcoin’s volume. The volume spiked 138.11% on daily trading volume reported by Worldcoin’s market data.
The Volume Oscillator on the chart proclaims the elevated market activity with a spike to -3.80 percent from lower levels which implies resultant interest and liquidity in the trading of WLD.
Before the initial announcement, the technical indicators signal strongly for a buy during the first phase of the announcement. However, traders should look for a possible resistance point near the $3.00 mark.
The trading data highlights a support level forming around the $2.80 price range which can be important if Worldcoin price takes corrective pullbacks.
If the price comes above this support level, then that might act as a new floor for future rallies as the market adjusts to the World ID Passport Credential and its ability to scale worldwide.
However, on the other hand, failure to hold the new support could see Worldcoin crash back down in look of new support.
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