Cryptocurrency investors are experiencing frustrating days of decline, with many altcoins hitting historical lows. Moreover, there are stories that begin and end before they even start due to bad timing in bear markets. And if the project also has the potential to encounter issues with regulators, the losses can be even greater.
Worldcoin (WLD)
As predicted earlier, the price of WLD Coin is plummeting due to regulatory pressure, reaching new lows. The critical support level of $1 was briefly violated. Governments are not fond of collecting biometric data, and the Worldcoin team has faced investigations in many regions. Combined with the negative sentiment in the overall market, things have taken a turn for the worse.
The token price has been declining since July 25. The corrective formation was painful, and the bounce on September 5 was rejected by resistance. Subsequently, the selling wave continued. Both the support and resistance lines of the descending parallel channel have been confirmed multiple times.
Yesterday, the WLD Coin price dropped below $1 and is now at $1.043.
Worldcoin (WLD) Analysis
The 6-hour RSI indicates a continued downtrend. If the downward movement persists, the price could reach $0.87, representing a 15% further decline. However, surpassing the middle line of the channel could trigger a 21% increase. Currently, unless we witness a significant surge in BTC price, there may not be a significant recovery for WLD Coin.
WLD Coin, which is among the highly risky assets in the long term, is a token given as a reward to those who scan a small sphere with their retinas. Although it is claimed that this data is not stored, investigations have been initiated in many regions, particularly in Germany, regarding the project. The collection of biometric data, which is expected to be more widely used for identity verification in the future, raises concerns about national security.
Even standard cryptocurrencies face regulatory challenges, and what the WLD Coin team is doing involves double the regulatory risk. Therefore, investors should not overlook the possibility of more lawsuits, investigations, and penalties, which could result in greater losses.
