WLD Price at Crucial Resistance as it Expands World ID to Peru on Adoption Growth. Potential Breakout In Sight?

Worldcoin (WLD) at Crucial Resistance as World Chain Launches, OpenAI and PayPal Partnerships Fuel Breakout Hopes

Worldcoin, the innovative digital identity platform, is continuing its rapid global expansion by launching its World ID iris verification system in Peru. This rollout follows successful implementations in countries like Argentina, where around 500,000 World ID verifications have already been recorded, and Singapore.

WLD is currently trading at resistance after over 21% rally over the last 7 days and 6% over the last 24 hours. With a 24-hour trading volume of $384 million, representing a healthy 10% increase in the last 24 hours, its market cap stands at $1.2 billion as the token is showing signs of elevated investor interest.

WLD Price Chart: CoinMarketCap
WLD Price Chart: CoinMarketCap

The Peru launch comes at a reasonable time, as a recent survey of over 800 Peruvians found overwhelming support for technology-based solutions to distinguish humans from online bots and AI. 90% of respondents indicated they want such human verification methods, with 84% saying separating people from machines is "very much needed" for the future of the internet.

Worldcoin's unique approach uses proprietary "Orb" devices to scan an individual's iris pattern, generating a unique digital identity code that verifies the person is genuine while protecting their privacy. Peruvians over 18 years old can now take advantage of this cutting-edge process to prove their "online humanity."

The move into the Peruvian market represents another milestone for Worldcoin, which has now surpassed 10 million World IDs created and 75 million transactions on its platform. The company plans to continue scaling in tandem with Ethereum via its newly announced World Chain layer 2 blockchain solution.

Worldcoin officially stated on May 8th that World ID sphere verifications are now available in Lima, the capital of Peru, and that Peruvians over the age of 18 have the right to prove their humanity online.

Worldcoin Technical Analysis

Worldcoin's native WLD token has seen significant price volatility amidst this rapid expansion. The crypto asset hit an all-time high of $11.90 on March 10th before crashing over 68% to a low of $3.7 on April 13th. It has since established a parallel consolidation and trading range between $4 and $6 level. Potential break out or break down?

WLD is currently trading at a crucial resistance zone. For the bulls to regain control, WLD needs a decisive breakout and a close above the $6.10 resistance level. That could open the door for recovery and a continued move targeting recent highs of $7.40 and $9.40 and a potential retest of the $11.90 all-time high.

WLD Price Chart: TradingView
WLD Price Chart: TradingView

However, if the price is rejected at the current resistance level, WLD could retreat toward support at around $4. The sideways range trading may persist until a clearer directional move emerges from this indecision phase.

The daily RSI reading of 53 shows that the bulls have been building momentum over the last few days, and there is still more room for bullish runs if the price breaks out past the $6.1 resistance level before it gets to the overbought region.

Traders may want to simply "trade the range" between $4 and $6 levels for now. However, patient investors could be rewarded by awaiting confirmation of the broader trend of a breakout or breakdown of the current consolidation pattern. Only time will tell if Worldcoin's expansion into Peru provides the catalyst for WLD's next major price move. But this pioneering digital identity project is undoubtedly one to watch as adoption and real-world use cases grow.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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