The Worldcoin (WLD) price is trading with a bullish bias despite the gloom of the overall market. The altcoin, associated with Chat GPT developer Sam Altman, continues consolidating within a bullish technical formation. This comes as the token’s momentum restores after a recent lag attributed to recent controversy around the project.

Worldcoin has been the subject of a longstanding debate, with regulators and privacy advocates raising questions about its goal. Based on the project whitepaper, it aims to provide universal digital identities. The project’s premiere was euphoric in the market, catapulting its value to unprecedented levels.

The Worldcoin project is now live. pic.twitter.com/xZXG4w56Ps

— Worldcoin (@worldcoin) July 24, 2023

The project leverages contemporary technology to transform the verification of identities. It assigns digital identities to willing participants via biometric data to do this. The digital orb, metallic in nature, collects participants’ data by scanning the iris of their eyes.

Worldcoin Controversies That Threatened WLD Price

Authorities, including governments from different jurisdictions, have raised concerns about Worldcoin. Specifically, after the US criticized the project, the Kenyan government used the rejection of Sam Altman’s innovation from his mother country as a probable alarm.

Joint statement on the WORLDCOIN by Cabinet Secretary for the @InteriorKE @KindikiKithure and Cabinet Secretary for @MoICTKenya @EliudOwalo. pic.twitter.com/pp5WnsmrcJ

— Ministry of Interior | Kenya (@InteriorKE) August 3, 2023

The concerns sprout as there is no clear information on what the company does with the collected data. Data security and potential privacy violations are the bone of contention in this respect. The authorities are scrutinizing the method Worldcoin uses to assign identity, which contradicts conventional ways.

In a recent report from Reuters, Tools For Humanity’s general manager, the Worldcoin project’s sponsor, revealed concerning insights. Based on the information, Worldcoin “could make the collected data available to corporations and governments, igniting fears of its potential misuse.”

With such concerning information, there has been much concern around Worldcoin and the project’s regard for privacy.

Worldcoin Price Forecast As WLD Momentum Grows Back

Worldcoin price is moving north, consolidating along an ascending parallel channel. Investors are bound to rake in more profits if the price action remains within the confines of this bullish technical formation.

WLD is on the 100-day Exponential Moving Average (EMA) at $1.805. This indicator, serving as support, represents a buyer congestion level. An increase in buying pressure from these buyers could see the Worldcoin price break above the channel’s upper boundary. Such a move could see WLD tag the 200-day EMA at $1.890. In a highly bullish case, it could flip this supplier congestion level into support and ascend north toward the $1.962 resistance level. Such a move would constitute a 10% climb above current levels.

Conversely, if bulls give in, bears could take over and drive Worldcoin prices down. A slip below the 100-day EMA at $1.805 would tip the odds further in favor of the Bears. However, traders should get concerned once WLD breaks below the 50-day EMA and fall out of the bullish pattern.

Notably, The Relative Strength Index (RSI) bolsters the bearish outlook, heading south to show falling momentum. Similarly, the Awesome Oscillator (AO) histograms are red and reducing in volume, pointing to bears gaining ground.

Demand Zone

It is impossible to miss the order block, marked in red, which represents a demand zone for Worldcoin. For the layperson, a demand zone is an area defined by the strong willingness of buyers to buy. As such, it marks a possible location for the Worldcoin price to correct north in case the price heads south.

However, if this order block fails to hold as support, the Worldcoin price could slip through, converting the demand zone into a bearish breaker. The ensuing selling pressure could see WLD tag the support floor at $1.661. Such a move would constitute a 10% slump.

While Worldcoin nurtures its uptrend, consider WSM the ticker for the Wall Street Memes ecosystem. This token presents a promising alternative for WLD.

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WLD Alternative

In the digital money world, a new player is making waves – Wall Street Memes, with its native token, $WSM. This unique meme coin gathered an impressive $23,690,151 before it officially launched. This is mainly because of the excitement from the public. You can buy one $WSM coin for only $0.0334.

#WSM raised about $23,685,000

Enter presale ( ICO )#wsm #wallstmemes #wallstreetmemes #Dogecoin #SHIB $WSM $CRYPTO $BTC $USDT $XRP @RealCryptoJamie#ETH #Elon_Musk #Etherum #btc  @wallstmemes  @elonmusk     
Last chance to buy it from herehttps://t.co/C6uFnj60Uq pic.twitter.com/NdsAr7ngev

— Fares Al-Enany (@IAM_DIEEE) August 13, 2023

People are excited about $WSM, and more and more folks are joining the project’s online chat group daily. The coin’s creators have big plans for the future, like making sure $WSM can be traded on critical websites. The creators also anticipate that the total value of all $WSM coins will reach a vast amount – $1 billion.

But what’s making $WSM special is the big group of people who support it. Over a million people like what $WSM is all about. Even someone famous like Elon Musk is a fan and pays attention to their updates on Twitter.

Literally

— Elon Musk (@elonmusk) March 18, 2023

So, Wall Street Memes isn’t just a digital coin; it’s a fun way for many people to be part of something exciting in the digital money world.

@wallstmemes Presale is now LIVE ✅

The Community Token that’s rocking the Wall Street Memes on a new level! 🔥

– 50% Token Supply in Presale
– 30% Rewarding their Community
– Already raised over 22 million $

Join the $WSM movement:https://t.co/P5mwxvZAjw pic.twitter.com/GAd6hMSAu6

— SHARKY | 💨 (@SharkyWeb3) August 9, 2023

Wall Street Memes has generated $23.69 million during its ongoing presale phase. WSM is in the 29th stage of its presale, offering tokens at $0.0334 each. Once the presale achieves its target of $25.928 million, the token price will increase to $0.0337.

Do not miss out on this early-entrant discount for any reason. Buy WSM here.

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• Source: https://insidebitcoins.com/news/worldcoins-wld-momentum-returns-with-3-pump-is-wall-street-memes-the-dark-horse-worth-watching