Worldcoin Unveils Privacy Feature Amidst Market Woes

Worldcoin introduces "Personal Custody" for enhanced user privacy, allowing self-custody of personal data. Despite this privacy enhancement, WLD's price has declined by 11% due to bearish sentiment, indicated by technical indicators such as a downward MACD crossover, negative Elder-Ray Index, and a low Money Flow Index.

Worldcoin Unveils 'Personal Custody' Privacy Feature Amid Bearish Market Pressures

Worldcoin Introduces Personal Custody for Enhanced Data Privacy

The Worldcoin Foundation announced the launch of a new privacy feature dubbed "Personal Custody" in a March 22 blog post. This feature empowers users to retain full control over the information they share with Worldcoin.

Under Personal Custody, data is packaged and signed with the Orb's private key, then encrypted with a user-provided public key, and finally transferred to their mobile device.

Worldcoin emphasizes that "all data is encrypted by your public key, ensuring that the encrypted data packages reside exclusively on your device." The foundation also assures that "your information is always deleted from the Orb once it has been sent to your device."

WLD Price Pressured by Bearish Sentiment

Despite the privacy enhancement, WLD, Worldcoin's native token, has faced selling pressure amidst the broader market downturn. According to CoinMarketCap, WLD has declined by 11% over the past seven days, trading at $8.24 at press time.

Technical Indicators Suggest Bearish Momentum

A technical analysis of WLD's price chart reveals bearish activity. The Moving Average Convergence Divergence (MACD) indicator displayed a bearish crossover on March 16, signaling a potential price decline. Since then, WLD has experienced a double-digit drop.

The Elder-Ray Index, which gauges the balance between buyers and sellers, returned a negative value of -0.6, indicating bearish dominance and selling pressure.

Additionally, the Money Flow Index (MFI) fell below its neutral level of 50, signaling a decline in demand and increased sell-offs.

Conclusion

The launch of Personal Custody is a positive step towards enhancing privacy for Worldcoin users. However, the token's price remains under pressure due to the prevailing bearish market sentiment. Technical indicators suggest continued downward momentum, potentially prompting traders to consider short positions or divesting their holdings.