World, formerly Worldcoin, saw its native token WLD rally over the past day after it announced the launch of the World ID Passport Credential pilot in multiple countries.
Worldcoin (WLD) rallied over 19% in the last 24 hours, reaching a 5-month high of $3.03 on Nov. 29 before settling at $2.88 at the time of writing. The assets’s market cap had surpassed $2 billion, while its daily trading volume also surged by 122%.
The altcoin rallied after Worldcoin (now rebranded to World) revealed that the project is piloting World ID Credentials in select countries, including Chile, Colombia, Malaysia, and South Korea.
The feature, currently available only on iOS devices, allows individuals in these countries to link NFC-enabled passports to their World ID, enabling them to claim WLD tokens without the need for the traditional in-person iris scan via the Orb.
Following the announcement, open interest in the WLD futures market increased by 21.8% to $418.31 million, according to CoinGlass data, reflecting the growing demand among traders, which helped fuel the recent rally.
WLD could rally to $12
The announcement has fueled bullish speculation among analysts regarding WLD’s potential for further gains, with multiple analysts pointing to $12 as the next potential target for the token. See below.
Meanwhile, some analysts have pointed to a number of bullish technical patterns that support the idea that the rally could extend.
Pseudo-anonymous analyst CryptoBull_360 pointed out that WLD has formed an ascending triangle pattern on the 4-hour price chart, which is considered a bullish reversal signal in technical analysis. Based on the chart he shared, a breakout above the $2.8–$3 resistance zone could result in gains exceeding 50% in the short term.
Another bullish case for WLD was presented by fellow trader Han Ji Ahn, who highlighted a multi-month cup-and-handle pattern that could position WLD for a run-up to the $12 mark and possibly $20 in the coming months.
Trend strength remains strong
The WLD/USDT 24-hour chart reveals the token trading above the upper Bollinger Band, a sign of steady and strong buying activity.
With the Relative Strength Index at 65 and an Average Directional Index of 27, the bullish momentum appears to have plenty of room to grow.
Further, as Bitcoin continues to face resistance at the key $100,000 level, WLD is also expected to benefit as investor focus has started shifting toward altcoins.