Worldcoin surges 21%: Institutional interest and technical analysis of WLD
On June 15, 2024, the Worldcoin (WLD) rate made a sharp jump, rising by more than 21%. The key catalyst for this movement was the official disclosure from Eightco Holdings (ORBS), which confirmed its status as the largest public holder of the token, concentrating 283 million WLD in its portfolio.
This massive holding, accounting for about 8.4% of all tokens in circulation, became a powerful signal for the market. Eightco is not just accumulating the asset but making a strategic bet on it, viewing Worldcoin as a foundation for the future growth of digital assets in its ecosystem. Against the backdrop of this announcement, the WLD price reached $0.61, and the asset's monthly gain stood at an impressive +154%. Eightco's total reserves, currently estimated at around $406 million, also include over 16,000 ETH and a $90 million stake linked to OpenAI, adding weight to their investment position.
Proof of Human: The Idea Behind the Purchase
Eightco's investment strategy is based on the global concept of Proof of Human—a digital verification technology designed to address the growing automation of internet traffic. According to the company's estimates, a significant portion of online activity is already generated not by humans but by bots and algorithms. Worldcoin, with its over 16 million verified users, acts as a key infrastructure layer to solve this problem. Additional interest in WLD is fueled by rumors of a potential initial public offering (IPO) by OpenAI, creating a synergistic effect for related projects.
Technical Analysis of WLD: Bullish Channel and Divergence Signals
On the daily chart, WLD has confidently surpassed the Fibonacci retracement level of 0.786 around $0.57 and is now targeting a local high near $0.66. A close above this level would open the path for further growth. However, my analysis reveals a classic bearish divergence on the RSI indicator: the formation of lower highs against a rising price. This is a warning signal indicating a weakening bullish momentum and a potential correction. The nearest support lies at $0.45, with a more reliable zone around $0.33.
The hourly chart looks more optimistic. Since late May, WLD has been moving within an ascending parallel channel, which was only briefly broken in early June. Currently, the RSI is holding the former resistance as support in bullish territory. If buyers can defend this channel, the upward movement will continue. However, volumes during the breakout remained below the highs of early June, suggesting that greater market activity is needed to consolidate the growth.
My expert opinion: As long as the price stays above $0.45, the chances of a continued rally remain. A drop below $0.33 would signal a pause and a potential trend reversal. Institutional interest from Eightco is a powerful fundamental factor, but the technical picture requires caution due to the divergence on the daily chart. The market is at a bifurcation point, where the key will be either a breakout above $0.66 with volume confirmation or a correction to support zones.