Worldcoin (WLD) Breaks Long-Term Resistance as Grayscale Includes It in the List of Potential Cryptocurrency Products

Worldcoin (WLD) has seen a significant increase in October. Worldcoin (WLD) price rebounded from losses seen at the beginning of the month and hitting a two-month high.

Worldcoin (WLD) price has seen a significant surge in October, rebounding from losses seen at the beginning of the month and hitting a two-month high.

The token’s price surged by 67% in the past four weeks, returning to trade above $2 and raising hopes of another bullish impulse. This recent price action indicates a possibility of further upward momentum for WLD in the coming days. At press time, WLD’s price was trading at $2.47, up by 13% from the intra-day low.

WLD Breaks Long-Term Resistance

The WLD price finally broke through a critical long-term horizontal resistance level and spiked to $2.55, marking the token’s highest level since late July. Prior to this breakout, WLD had been trading within a range between $1.40 and $2.10 for over eight weeks.

The recent rally began on September 6th when WLD touched its lowest price point, after which the token’s price began a steady ascent, quickly reclaiming the $1.45 support level.

The breakout in October above $2.10 could indicate renewed interest from investors in the cryptocurrency, which may be influenced by broader market trends and anticipation of new developments within the project.

According to technical analysis, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are indicating a buy signal for WLD. The RSI has crossed above 50, while the MACD has given a crossover above the zero line, indicating a positive trend. This suggests that the upward momentum could be sustained in the short term.

Possible Resistance at $3

Despite WLD’s recent breakout, the price could encounter resistance around the $3 mark, which aligns with previous highs. Analysts are keeping an eye on this level as it will determine whether WLD continues its upward trajectory or pulls back to retest lower support levels.

The $2.10 level, which was breached recently, could now act as a new support level in the event of a price decline.

However, a slight pullback is still possible within the overall uptrend. Another analyst, ElonTrades, suggests that the current price surge might be attributed to Worldcoin’s leadership aiming to onboard 700 million users. If WLD continues to rise, the next major resistance levels could be at $3, followed by the $4.70 to $5.35 zone.

Grayscale’s Interest in Worldcoin

Furthermore, investment in Worldcoin has been gaining steam. Grayscale, a major digital asset management firm, included WLD in the list of 35 potential cryptocurrency products that it offers.

Grayscale’s decision to consider WLD for future investment serves as a positive signal, indicating that the token is garnering more trust.

If Grayscale decides to include WLD in one of its investment products, more institutional investors may be drawn to the token. This could, in turn, help to propel the token’s price upward.

Grayscale's involvement with other cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), has demonstrated that their inclusion in the firm's product suite typically leads to increased exposure and interest from investors. While there is no guarantee that WLD will be chosen, its presence on Grayscale's watchlist bodes well for the token's long-term prospects.

Catalysts for Further Growth

Several upcoming events could provide additional impetus for WLD’s price to continue rising. One key event is the “A New World” live event, scheduled for October 17 in San Francisco, at which Worldcoin’s leadership is set to announce project updates. These updates could include steps to scale the network and potentially bring millions of new users to the platform.

Moreover, the recent launch of the World Chain on October 11 has generated positive sentiment in the market. The network, which had 1,200 accounts at launch, is expected to expand substantially, driving further demand for WLD tokens. If WLD is adopted as the official gas fee token on the World Chain, this could lead to increased usage and a corresponding price boost.

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