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- WLD’s price has grown by 10% in the last 24 hours.
- The price surge was due to the release of the World ID 2.0 upgrade.
Worldcoin [WLD] has rallied by double digits in the last 24 hours. This comes after Worldcoin announced a significant update to its protocol and integrations with other platforms, including Reddit, Telegram, Minecraft, Shopify, and Mercado Libre.
Introducing World ID 2.0https://t.co/EklnjoCPlN
— Worldcoin (@worldcoin) December 13, 2023
Referred to as “World ID 2.0,” the project described the upgrade as “a more powerful, privacy-preserving “humanness” digital passport equipped with exciting app integrations and a suite of new features.”
In its press release, Worldcoin noted:
“World ID 2.0 makes it easier to distinguish between bots and verified humans online while preserving privacy with popular apps and services with new pre-built integrations.”
Apart from the new integrations made, Worldcoin confirmed that it had integrated the upgrade with applications, including Discord, Talent Protocol, and Okta’s Auth0.
WLD gains, but there is a catch
In the last 24 hours, WLD’s price has climbed by 10%. Per data from CoinMarketCap, the altcoin exchanged hands at $2.56 at press time. It has also recorded a 40% uptick in trading volume during the same period.
However, an assessment of its price performance on a daily chart revealed the commencement of a new bear cycle on 29th November.
This suggested that the recent rally might be due solely to the hype around the protocol upgrade and not backed by any real demand.
AMBCrypto found that the bear cycle started when WLD’s MACD line crossed below its trend line.
When the MACD line of an asset crosses below the trend line and starts trending downward, it is considered a bearish signal.
This crossover suggests that the short-term moving average (MACD line) has fallen below the longer-term moving average (signal line), indicating the re-emergence of bears.
The movement is often interpreted as a signal to sell, as prices would usually decline whenever this happens.
Since the crossover occurred, WLD’s Chaikin Money Flow (CMF) has been positioned below its center line. A CMF value below zero indicates that selling pressure is stronger than buying pressure as liquidity continues to exit the market.
Still positioned in the negative territory at press time, WLD’s CMF was -0.02.
Although it appeared poised to cross above the center line, it can be attributed to the uptick in trading activity recorded in the last 24 hours.
Realistic or not, here’s WLD’s market cap in ETH terms
Lastly, the token’s On-balance volume has plummeted since the beginning of the month.
At 242.87 million at press time, it has declined by 7% since 1 December. This suggested that selling activity has outpaced buying since then.