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- WLD’s price dropped to $7.35 after Spain revealed that it had placed a ban on the project.
- The bulls were defending the $6.71 support and targeting a close above $8.
- Though the EMAs indicated a bearish trend, WLD might rebound because of the trending AI narrative.
An hour after Spain revealed that it wanted Worldcoin (WLD) out of the country, the price of the cryptocurrency fell. At press time, WLD had increased by 9% in the last 24 hours. But the development which appeared on March 7, stopped the token from hitting $8 as the price dropped to $7.35.
According to Spain’s data protection authority, Worldcoin has not proven enough to show that user data was protected. For the unfamiliar, Spain is a big market for Worldcoin as over 360,000 users have had their biometrics taken while obtaining WLD tokens in return.
With the development, it might be difficult for the project to amass users in Europe. Previously, France and Germany had allayed concerns about the mission of the project. Countries like Kenya and Korea have also been investigating the firm.
However, Jannick Preiwisch, Worldcoin’s data protection officer, replied. According to Preiwisch, the Spanish agency has been unresponsive in dealing with the project concerning the issue.
WLD Price Analysis
At press time, the 4-hour WLD/USD chart showed that bulls were in the process of returning the price upwards. But first, the token has to defend the $6.71 support before going up. If this is successful, the price might increase.
Beyond that, there was a resistance at $8. Should buying pressure increase, Worldcoin might extend toward the $10 direction. However, if the attempt fails WLD’s price might slide below $7.
Coin Edition also looked at the Exponential Moving Average (EMA). At press time, the 50 EMA (yellow) had crossed over the 20 EMA (blue). This indicates a bearish trend for the cryptocurrency.
Consequently, WLD’s price might further decrease from $7.35. The price was also on the verge of dropping below the 20 EMA. Should this happen, WLD’s value might slide.
WLD/USD 4-Hour Chart (Source: TradingView)
But if the FUD around the project comes down, the value might rebound. From a bullish perspective, WLD’s price might double depending on the hype around AI-themed cryptocurrencies. If this is the case, the value of the token might hit $15 within the next few weeks.
In the meantime, traders might need to apply caution. For instance, opening long or short positions during this period of uncertainty might be risky and liquidation could be on the cards.
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