WLD surges 19% as Worlcoin launches World ID Passport Credential pilot

World, formerly known as Worldcoin, was bullish on its native token WLD the other day after announcing the launch of its World ID Passport Credential pilot in multiple countries.

Worldcoin (WLD) has increased by over 19% in the last 24 hours, reaching a 5-month high of $3.03 on November 29 and settling at $2.88 at the time of writing. While the market value of assets exceeded $2 billion, daily transaction volume increased by 122%.

The altcoin rebounded after Worldcoin (now rebranded as World) announced that the project was trialling World ID Credentials in select countries, including Chile, Colombia, Malaysia, and South Korea.

The feature, currently only available on iOS devices, allows individuals in these countries to link their NFC-enabled passports to their World ID, allowing them to claim WLD tokens via Orb without the need for a traditional in-person iris scan.

Following the announcement, open positions in the WLD futures market increased by 21.8% to $418.31 million, according to CoinGlass data. This reflects increased demand among investors, which has helped fuel the recent rally.

WLD may rise to $12

The announcement fueled bullish speculation among analysts regarding WLD’s further gain potential, with many analysts pointing to $12 as the next potential target for the token. See below.

Meanwhile, some analysts have noted a number of bullish technical patterns that support the idea that the rally could extend.

So-called anonymous analyst CryptoBull_360 pointed out that WLD has formed an ascending triangle formation on the 4-hour price chart, which is considered a bullish reversal signal in technical analysis. According to the chart he shared, a break above the $2.8-3 resistance zone could result in gains exceeding 50% in the short term.

Another bullish scenario for WLD was offered by fellow trader Han Ji Ahn, who highlighted a multi-month cup and handle pattern that could position WLD towards the $12 and possibly $20 level in the coming months.

Strength of trend maintains strong WLD price and Bollinger Bands chart — November 29 | Source: crypto.news

The WLD/USDT 24-hour chart reveals that the token is trading above the upper Bollinger Band; This is a sign of steady and strong purchasing activity.

WLD RSI and ADX chart — November 29 | Source: crypto.news

With the Relative Strength Index at 65 and the Average Direction Index at 27, the bullish momentum appears to have plenty of room to grow.

Moreover, as Bitcoin continues to face resistance at the $100,000 level, WLD is also expected to benefit as investors’ focus begins shifting towards altcoins.