Worldcoin (WLD) rebranded as “World” and launched Orb 2.0, shifting its focus from digital assets to AI-driven identity verification.
Following the rebranding of the project to “World” and the reveal of its new Orb 2.0 technology, the price of Worldcoin (WLD) has decreased by 5%. Co-founders Sam Altman and Alex Blania recently made an appearance to discuss the project’s future, during which the cryptocurrency, intended to establish an international identity network, dropped to $2.11 from its previous price.
Worldcoin Rebranding to “World” and Introduction of Orb 2.0
At a media event in San Francisco, Sam Altman’s Worldcoin revealed its new branding as World. The project is making this announcement to expand its focus from digital asset ownership to identity verification in an artificial intelligence-powered world. Sam Altman and Alex Blania unveiled the Orb 2.0, an improved version of the iris recognition technology they developed for the project.
This new Orb features a Jetson chipset from Nvidia, which can perform artificial intelligence five times more effectively while using fewer components than the previous model. We anticipate that Orb 2.0 will offer a wider availability, including self-service kiosks and the ability to summon the Orb to one’s service via an application.
The goal of both the rebranding and the launch of Orb 2.0 is to broaden the global identity-verification network and boost the system’s user base. On the other hand, these changes occurred at the same time as the reduction in the price of the WLD token, which fell by 5% to $2.11 after the event.
WLD Price Reacts to the Announcement
Following the announcement, the price of the WLD token dropped from $2.26 to $2.11 (see below). Despite the display of advanced technology that could potentially benefit the market, a number of traders maintained their skepticism throughout the event.As part of the rebranding process, World introduced World Chain, the project’s blockchain network based on Ethereum at the Layer 2 level.
World developed this blockchain using Ethereum technology to enhance its scalability and security level. Optimism, Alchemy, Uniswap, Safe, Dune, and Etherscan are among the prominent businesses in the blockchain industry that will support the launch of the blockchain. World Chain has received backing from these major entities.
The price action of WLD over the past few months has formed a falling wedge, which may be an indication of a positive turnaround. This is despite the fact that the price movement has been declining.In spite of the fact that the token is currently experiencing pressure, the collapsing wedge indicates that it is not uncommon for such compression to result in a price breakout of some kind.
In light of the recent developments in Orb 2.0 and the World’s efforts to expand its identity-verification process, investors are currently looking for a potential reversal in WLD. Because they believe these developments will boost demand. The Relative Strength Index (RSI) for Worldcoin is currently at 56.41, which places it close to the middle of the scale that ranges from 0 to 100.
The technical analysis provides this information. In most cases, a relative strength index (RSI) that is greater than 50 suggests a slight bullish momentum; however, it does not indicate excessive buying or selling situations. In the medium term, the market sentiment for Worldcoin appears to be neutral to cautiously hopeful, as the Relative Strength Index (RSI) is currently located slightly above 50.
On the other hand, the Chaikin Money Flow (CMF) indicator, which evaluates the volume of money flow over a particular time period, is currently at a downward value of 0.15. This value suggests that traders are exercising prudence as there may be more demand for selling than for purchasing at this time.
Traders are probably waiting for more substantial indicators of a reversal before taking any more action, which is why the negative CMF value coincides with the current decline in price. It is possible that the falling wedge pattern could soon indicate a potential positive breakout for the price of Worldcoin, despite the fact that it has recently dropped by 5%.
WLD may encounter initial resistance around $2.47, which is its previous local high, in the event that this reversal takes place. If the breakout is successful, it’s possible that the price will move closer to the important targets that technical experts have indicated. We have set the primary objective at $4.01 and the secondary objective at $5.41 in terms of price.
Although such growth would be strongly dependent on the positive momentum that would result from greater adoption of the world’s identity-verification system and the successful deployment of Orb 2.0, a stretch target could see WLD reaching as high as $6.57.