WLD Surges 19% as Worldcoin Launches World ID Passport Credential Pilot

The native token of World (formerly Worldcoin), WLD, surged over 19% in a single day following the announcement of the launch of the World ID Passport Credential pilot in several countries. The token hit a five-month high of $3.03 on November 29, before stabilizing at $2.88 at the time of writing. This surge boosted World’s market capitalization to over $2 billion, and its daily trading volume spiked by 122%, reflecting strong investor interest.

The rally followed the news that Worldcoin had begun piloting the World ID Passport Credentials in countries such as Chile, Colombia, Malaysia, and South Korea. The feature, initially available on iOS devices, enables individuals in these regions to link NFC-enabled passports to their World ID. This eliminates the need for the traditional in-person iris scan via the Orb, allowing users to claim WLD tokens more conveniently.

Increased Demand and Bullish Speculation

The announcement has generated significant interest in WLD, as reflected by a 21.8% increase in open interest in the WLD futures market, reaching $418.31 million, according to CoinGlass data. The surge in futures demand is a strong indicator of growing bullish sentiment among traders, fueling further optimism about the token’s price potential.

Analysts are increasingly speculating that WLD could see significant further gains. Some have set their sights on a price target of $12 for the token. One technical analyst, CryptoBull_360, highlighted the formation of an ascending triangle pattern on the 4-hour price chart, which is seen as a bullish reversal signal. This pattern suggests that a breakout above the $2.8–$3 resistance zone could lead to a price increase of over 50% in the short term.

Another analyst, Han Ji Ahn, noted the presence of a multi-month cup-and-handle pattern, which could position WLD for a potential rally to $12, and even possibly as high as $20 in the coming months.

Technical Indicators Suggest Strong Momentum

The bullish momentum for WLD appears to be strong, according to technical indicators. The token is currently trading above the upper Bollinger Band on its 24-hour chart, signaling sustained buying pressure. The Relative Strength Index (RSI) is at 65, which indicates that WLD is still in an upward trend, with room for further gains. Additionally, the Average Directional Index (ADX) is at 27, confirming the strength of the current trend.

WLD Poised to Benefit as Altcoins Gain Traction

As Bitcoin faces resistance at the key $100,000 level, investors are increasingly turning their attention to altcoins like WLD. This shift in focus could further propel the token’s price as investor interest grows in altcoin markets.

In summary, the launch of World ID Passport Credentials has generated significant momentum for WLD, and the token is gaining traction due to strong technical signals and growing demand in the futures market. With analysts predicting further gains, WLD could potentially reach new highs in the coming months.