- Worldcoin(WLD) struggles to maintain an uptrend, facing potential bearish signals.
- An innovative SM system was introduced to enhance biometric data security.
Worldcoin (WLD) has been grappling to establish a stable uptrend, and recent technical indicators suggest potential bearish momentum. As WLD struggles to hold its ground at the $5 mark, analysts are eyeing a possible drop to $3, raising concerns among investors about its short-term prospects.
Worldcoin Ditches Iris Code For New Tech
In a significant move to bolster user data privacy, the Worldcoin Foundation, in collaboration with TACEO, has launched an innovative secure multi-party computation (SMPC) system. This cutting-edge technology aims to enhance the protection of biometric templates, such as iris codes, by enabling their secure deletion and replacing them with a more secure system. The SMPC system, now open-sourced on GitHub, demonstrates Worldcoin’s commitment to setting new standards in data security.
The implementation of this technology, while resource-intensive, promises faster processing speeds, marking a substantial improvement in the handling of sensitive biometric data. This initiative is a pivotal step towards reinforcing Worldcoin’s reputation for robust data protection and privacy.
Worldcoin (WLD) Price Analysis
Since hitting its all-time high of nearly $12 on March 10, WLD has experienced a steep decline, plummeting by 69% to a low of $3.73 on April 13. Although the price rebounded to $6.50 by May 6, it has struggled to maintain this upward trajectory. On May 13, WLD attempted to break above this high but subsequently fell to $4.60. A further drop of 4.5% occurred on May 16, following a brief spike above $5 the previous day.
The technical analysis paints a bleak picture for WLD. The daily chart reveals that after a brief potential uptrend, the price action confirmed a corrective pattern with a downturn from May 13. The Moving Average Convergence Divergence (MACD) indicator has shown a death cross, with the moving averages signaling a bearish crossover and a red oscillator bar confirming downward momentum.
If the bearish trend continues, the next significant support level for WLD could be around the $3.50 zone. This projection aligns with the baseline ascending support, suggesting a retest near $3 is likely if the downtrend persists.
Despite these bearish signals, Worldcoin’s recent technological advancements and commitment to data security may offer long-term bullish potential. Investors and analysts will be closely monitoring how these developments impact market sentiment and whether WLD can stabilize above crucial support levels.
As Worldcoin navigates these turbulent market conditions, its innovative approach to data privacy could prove to be a crucial factor in its future trajectory. For now, the focus remains on whether WLD can stave off further declines and establish a stronger footing in the volatile cryptocurrency market.
