Worldcoin Investigation by South Korea Could Foil WLD’s Bullish Climb

NOIDA (CoinChapter.com) — Worldcoin is under investigation for privacy invasion in South Korea. The investigation could foil the bullish roadmap some say lies ahead for the token co-founded by OpenAI CEO Sam Altman.

South Korea To Investigate Worldcoin

In February 2024, South Korea’s Personal Information Protection Commission (PIPC) announced an investigation into Worldcoin. The move highlights the growing scrutiny over digital privacy practices worldwide, particularly those involving biometric data.

The PIPC’s probe into Worldcoin arises from complaints about collecting and processing personal information, notably iris scans, across ten locations in South Korea.

Worldcoin offers participants WLD tokens in exchange for iris scans, an approach that has attracted attention and controversy in equal measure.

Furthermore, the project’s ability to address privacy concerns and comply with regulatory standards will be crucial in determining its potential to rival Bitcoin’s investment appeal.

Unlike Bitcoin, a lucrative investment option, Worldcoin introduces a utility-driven proposition. However, Bitcoin’s established presence and the trust it has garnered over the years present a formidable benchmark for any new entrant in the cryptocurrency space, including Worldcoin.

Worldcoin Investigation Could Derail Bullish Setup

Meanwhile, WLD price has formed a bullish technical pattern called the ‘Bull Pennant.‘

The bull pennant is a continuation pattern that emerges when an investment instrument consolidates between two converging trendlines after undergoing a price rally. Ultimately, a breakout in the direction of the large initial movement follows the period of consolidation.

However, it is important to note the volume. As in, volume during consolidation should be low while it must increase during the breakout move. Otherwise, prices are more likely to pull back into the consolidation pattern.

Per the rules of technical analysis, if WLD price breaks out of the bull pennant, it can theoretically target a price level at least 265% higher than its current prices, meaning a price target near $28.8.

If South Korea’s Worldcoin investigation leads to legal action, it could result in WLD price facing bearish headwinds. However, a result favoring Worldcoin could be a significant bullish cue for WLD.

WLD price spiked nearly 320% in Feb. 2024, highlighting its demand. Yet, Worldcoin’s future price action depends on the project’s adoption across regulatory borders.