YEREVAN (CoinChapter.com) — Worldcoin (WLD) price has rallied more than 200% so far in February, hitting a record high of $7.98. Let’s discuss what caused the price boom and whether it is the right time to buy Worldcoin tokens.
Worldcoin’s rally can be attributed to several factors, with one of the main drivers being anticipation around AI giant Nvidia’s earnings report scheduled for Feb. 21.
Nvidia’s stock has surged 46.6% in 2024, following a 238% rise in 2023, driven by the AI boom and soaring demand for its AI chips. This growth represents investors’ continued trust in Nvidia being profitable in its earnings call.
Nvidia’s recent success seemed to have played a significant role in boosting investor sentiment towards AI-related cryptocurrencies, including Worldcoin, a project headed by OpenAI’s CEO Sam Altman.
Worldcoin has stabilized and rallied after Altman’s announcement about seeking $50 million worth of additional funding for the project. This move highlights the project’s growth and its aim to establish a global identity and financial network, with around 1 million users accessing Worldcoin’s app daily already.
Despite facing regulatory scrutiny, the project’s ambitious goals and the backing from high-profile investors such as Blockchain Capital, a16z Crypto, and Bain Capital Crypto have positively influenced its market price.
Technically, Worldcoin’s ongoing price rally has pushed its daily relative strength index (RSI) above 70, an overbought area. This indicates a potential future price correction, making it riskier for traders looking to buy Worldcoin (WLD) near its higher highs.
More downside cues come from WLD’s 2.618 Fibonacci retracement line at $7.57, acting as immediate resistance. A continued pullback from the level could have WLD drop 25% toward the next Fib support at around $5.50. This level coincides with WLD’s ascending trendline support.
Conversely, a breakout above $7.57 could take the Worldcoin token price toward the next Fib resistance near $10.90, marking another all-time high.
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