Worldcoin (WLD) Nosedives Following Announcement of Expanding World ID Verification to Panama

Worldcoin (WLD) has experienced a price drop following the team's announcement of expanding World ID verification to Panama starting November 27.

Worldcoin (WLD) has seen its price drop following the team’s announcement of expanding World ID verification to Panama starting November 27.

World ID verification is coming to Panama starting on Nov 27 🇵🇦 pic.twitter.com/XcsDUBhnqZ

The expansion of World ID verification to Panama is a significant development for the project. Worldcoin aims to create a universal decentralized identity system, and expanding its service to Panama will bring it closer to achieving this goal.

However, despite the news, the market reacted negatively with WLD dropping in value over the past 24 hours. At press time, WLD trades at $2.36, reflecting a 6.11% decline. The token’s market capitalization dropped to $1.65 billion, a 5.47% decrease from the previous day. Trading volume also decreased by 35.46% to $533.21 million.

This dip suggests reduced market activity and declining investor interest. The token’s circulating supply is currently 699.27 million WLD.

Price Trends and Volatility

The 24-hour price chart for WLD shows a consistent decline, beginning at a daily high of $2.5131. Increased volatility appeared in the chart, displaying declines coupled with brief recoveries. Despite these fluctuations, the overall trend remains bearish.

The token’s volume-to-market cap ratio is 32.33%, indicating relatively active trading compared to its valuation, even with the reduced trading volume.

Technical indicators paint a mixed picture of WLD’s performance. The MACD shows slightly bullish signs, with the MACD line above the signal line, but the histogram indicates weak momentum. The RSI sits at 55, suggesting neutral-to-slightly bullish sentiment, as it remains between the overbought and oversold zones.

Adding to this sentiment, analyst Ali has identified a bottom pattern for heads and shoulders, indicating a potential price reversal. The pattern features a head at $1.28 and symmetrical shoulders at approximately $2.18. This structure often signals bullish reversal tendencies.

#Worldcoin $WLD is one of those coins that hasn’t pumped so you don’t need to chase. It is forming an H&S bottom, with an initial 50% upside target to $4! pic.twitter.com/jeRQcPYGzi

Another analysis by crypto expert Bull highlights WLD’s performance against Tether (USDT), showing a 6.42% daily decline, bringing its current price to $2.14. Despite the drop, some view this as a potential buying opportunity, given its current market position and recent technical patterns.

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