Worldcoin (WLD) has gained significant attention recently as its price has been up 23.75% over the past week. Its trading volume also saw a 43.39% increase over the past day, which indicates heightened market attention or speculation. At publication, WLD’s price is trading at $2.35.

Multiple sources suggest a bullish trend for the token, including prominent analysts and community members who are highlighting key fundamental developments and technical patterns. 

Crypto analysts ElonTrades and Unstoppable Bulls on X (formerly Twitter) have provided insights into the factors behind this price action.

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ElonTrades, a well-known figure in the crypto community, updated his followers about an upcoming catalyst for Worldcoin. The analyst mentioned that Worldcoin is preparing to onboard 700 million users, a potential game-changer for the token. 

This development is seen as a large-scale adoption event that could drive the token’s value higher. Furthermore, Sam Altman, co-founder of Worldcoin and OpenAI, is set to speak in San Francisco on October 17th to provide updates on the project. 

This event is expected to be a bullish catalyst for WLD’s price, with ElonTrades forecasting a potential 5-10x increase in the token’s value, citing the current price as an early entry point.

These fundamental factors are essential for traders and investors looking at the long-term prospects of WLD. ElonTrade suggests that the project is undervalued, pointing to the growth potential based on these upcoming developments.

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WLD has been in a consolidation phase following a significant decline from its peak of $11.9172 in early 2024. The coin has been stuck in a range between $1.3 and $2.5 for months after hitting a bottom at $1.28. 

This consolidation is often viewed as a prelude to a larger breakout, especially as the WLD price remains steady around $2.1. Traders are watching for a potential move beyond $3.0, which is the next significant resistance level.

Chart analysis reveals that WLD’s price is nearing a breakout, supported by ascending trendlines and dynamic support from moving averages. The Fibonacci retracement levels show targets around $3.50 and $5.50, should the breakout materialize.

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Unstoppable Bulls highlights in a different tweet that WLD’s price has already risen by 60% from its September entry point and still has a lot of space to rise. 

$Wld is doing well from my post on SEP 13th still lots of room left and moving on the next break out level#btc https://t.co/ESpAnb22Vn pic.twitter.com/ISIt2k6pXH

The expert said that WLD’s price is still in the early stages of a bullish trend and that it is entering its next breakthrough zone. Since September 13th, the price of WLD has increased steadily, and technical indicators point to further rises soon.

Unstoppable Bulls also highlights key resistance levels around $3.50, where the next test for the token lies. If the WLD price breaks through this level, a surge to $5.50 is possible, supported by the token’s underlying strength and upcoming updates from Worldcoin.

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The post Why is Worldcoin (WLD) Price Up? appeared first on CaptainAltcoin.

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