Worldcoin [WLD] has faced a rough market environment of late. Its strategic expansions in Ecuador and resumption in Kenya could be critical for a price reversal. 

Recently, Worldcoin’s price broke below a key trend line support level.  Its prices were dropping until the grand announcement.

As of this writing, CoinMarketCap priced WLD at $2.99, a 1.01% drop in the last 24 hours and a 13.69% decrease in the last seven days. 

Ecuador embraces Worldcoin’s vision

On the 26th of June, Worldcoin will commence its World ID orb verification across six locations in Ecuador’s major cities, Guayaquil and Quito.

This move opens the door for Ecuadorians aged 18 and above to join the growing Worldcoin network, which already boasts 5.7 million participants worldwide.

The timing could not be better, as recent surveys by Tools for Humanity (TFH) revealed a strong local support for technologies that can distinguish humans from bots online.

This aligns perfectly with Worldcoin’s mission to combat digital fraud and create a more secure online ecosystem.

Kenya clears the path as well

In a parallel development, Worldcoin has received the green light to resume operations in Kenya after a year-long hiatus.

The Directorate of Criminal Investigations (DCI) has closed its investigation, paving the way for the project’s comeback.

However, Worldcoin must still navigate regulatory requirements, including proper business registration and vendor vetting.

What do metrics say?

AMBCrypto analysis of Santiment’s active addresses and circulation data to examine if these mega announcements have significant changes in WLD prices. Notably, Active Addresses spiked in recent days.

This may be due to renewed investor interest after the adoption news.  

Also, the circulation data also witnessed several spikes that may signal bullish momentum. 

Worldcoin has recently experienced significant swings, as shown in Coinglass’ liquidation data. The data indicates that several short positions were liquidated around mid-February and early March.

This liquidity suggested that investors are heavily against price movements. With this liquidity, the price may shoot higher to clear long positions if enough bullish pressure accumulates.

Source : AMBCrypto - Jun 23, 2024