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- WLD fell to $1.85 after the AI firm revealed that it had fired its CEO.
- The price may hit $1.65 if selling pressure continues and it approaches oversold levels.
- If accumulation returns, WLD may retest $2 or flip the $2.20 support.
The crypto and AI community was sent into shock on November 17 as the board of OpenAI, the firm behind ChatGPT announced that it had gotten rid of Sam Altman. Sam Altman was the CEO and co-founder of OpenAI, while also being responsible for the development of Worldcoin (WLD).
Altman Out, Worldcoin Down
As a result of the development, the price of WLD fell. At press time, based on CoinMarketCap’s data, WLD changed hands at $1.85. This value represents a 13.21% decrease in the last 24 hours, indicating massive selling pressure.
Worldcoin 24-Hour Performance (Source: CoinMarketCap)
Meanwhile, OpenAI gave its reasons for giving Altman the boot. According to the company’s official disclosure, the decision to oust the former CEO was because he was not candid in his communication with the board.
“Mr. Altman’s departure follows a deliberative review process by the board, which concluded that he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities. The board no longer has confidence in his ability to continue leading OpenAI”, the statement read.
With respect to the price action, the WLD/USD 4-hour chart showed that the cryptocurrency had formed a bearish market structure. Coin Edition also took time to look at the Relative Strength Index (RSI).
WLD May Reverse After the Dump
As of this writing, the RSI was down to 32.20. This RSI reading was a testament to the sell-offs the Worldcoin token has experienced lately. At the same time, the cryptocurrency was approaching the 30.00 oversold level.
If the RSI hits 30.00, a reversal in the upward direction could be on the cards. But that recovery could depend on the level of buying pressure WLD gets. Should accumulation increase and the RSI drop to 25.00 thereabout, then WLD can make a trip back to $2.
However, the Accumulation/Distribution (A/D) indicator shown below, was down to -6.19 million. The decrease in the A/D indicates a rise in selling pressure, suggesting that WLD’s upward strength had become weak. So, there is a chance that WLD may drop to $1.65 due to the current momentum.
WLD/USD 4-Hour Chart (Source: TradingView)
Like the RSI indicator, if WLD becomes too weak, the price may reverse. Also, if buying pressure accompanies the reversal, there is a chance that WLD may surpass the $2.20 support level.
Additionally, the OpenAI board disclosed that it had replaced Altman with Mira Murati as interim CEO. During Altman’s tenure, Murati was the team’s Chief Technology Officer (CTO). Another person affected by the shake-off was Greg Brockman.
Brockman was previously the chairman of the board and was asked to step down. But in a post on X (formerly Twitter), he revealed that he refused to remain a part of the board and quit. For now, it is expected that the WLD price will continue to drop.
The post Worldcoin (WLD) Plunges 13% as Open AI Drive Sam Altman Out appeared first on Coin Edition.