Apple-OpenAI Deal Boosts Worldcoin’s (WLD) Long-Term Bullish Outlook

Yashu Gola
Published: Jun 13, 2024, 09:09 GMT+00:00

Key Points:

  • The Apple-OpenAI partnership, integrating ChatGPT into iOS 18, boosts Worldcoin (WLD) due to Sam Altman's involvement.
  • Worldcoin’s price shows potential for a bullish reversal, indicated by a falling wedge pattern and oversold RSI.
  • Increased mid-sized wallet holdings and a dovish Federal Reserve stance signal bullish sentiment for Worldcoin.
WORLDCOIN and chart, FX Empire

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Worldcoin (WLD) bulls may benefit from the latest partnership between OpenAI, an AI research firm headed by Sam Altman, and tech giant Apple.

WLD’s Association With Sam Altman Boosts Its Upside Prospects

Notably, the deal enables Apple to integrate ChatGPT’s features into its iOS 18, thus ensuring advanced conversational capabilities and more intuitive AI-driven functionalities on the iPhones​. In doing so, the Apple-OpenAI deal will likely improve Siri, Apple’s voice assistant, which has lagged behind competitors in recent years.

This high-profile partnership has led some analysts to assess its potential impact on the Worldcoin market, given Altman’s prominent role in both OpenAI and the iris biometric cryptocurrency project. One of the crypto analysts, for instance, anticipates that the Worldcoin orb can be expanded into the Apple unlock feature, replacing fingerprints, thus boosting demand for its underlying asset, WLD.

This sentiment is very similar to traders’ approach toward Dogecoin (DOGE), a memecoin that has rallied extensively in the past due to billionaire entrepreneur Elon Musk’s support. Musk even hinted at integrating DOGE as a payment method for an upcoming payment project on his social media platform, X, in January 2024.

DOGE rallied by up to 209.50% afterward.

DOGE/USD daily price performance chart. Source: TradingView

If this market sentiment holds true for WLD, it may benefit from its association with Sam Altman and the possibility of Worldcoin’s expansion via high-profile deals such as the one with Apple.

Source: X

More Upside Indicators For Worldcoin (WLD) Market

In addition to the Apple-OpenAI partnership, other indicators—ranging from on-chain to fundamental—also hint about a potential WLD price rebound in the coming weeks.

Notably, the price of Worldcoin (WLD) has corrected by circa 70% from its record high of $11.97, established in March. As of June 13, the Sam Altman-backed cryptocurrency was trading for as low as $3.67.

However, the declining WLD price trend has formed what appears to be a falling wedge pattern. This, combined with the pair’s oversold relative strength index (RSI), indicates a bullish reversal signal.

For the unversed: A falling wedge is characterized by two converging trend lines that slope downwards, indicating that the price makes lower highs and lower lows. This pattern typically resolves with a breakout to the upside when the price decisively breaks above the wedge’s upper trendline and rises by as much as the maximum distance between the upper and the lower trendline.

As of June 13, the Worldcoin crypto was bouncing after testing the lower trendline. It is eyeing to close above the upper trendline level at around $4.23, thus pursuing a breakout move toward $9.24 by July or August.

WLD/USD daily price chart ft. falling wedge breakout setup. Source: TradingView

Conversely, a pullback from the wedge’s upper trendline will likely delay the breakout stage, setting up WLD to move toward the pattern’s apex point—where its two trendlines converge—instead.

Thus, the worst-case scenario for a falling wedge breakout is the price rising to $6.61, up about 70% from the current price levels.

Worldcoin On-Chain Analysis Shows Broader Accumulation

The Santiment chart below provides the distribution of Worldcoin holdings across its largest wallet entities, especially during its price correction. It shows an overall increase in the supply held by mid-sized wallets (100,000—10,000,000 WLD) and a decrease in the supply held by very large wallets (>100,000,000 WLD).

WLD supply distribution among the largest wallet cohorts. Source: Santiment

Meanwhile, the total number of WLD holders has increased during the same period of price correction.

Total amount of Worldcoin holders. Source: Santiment

The increase in mid-sized wallet holdings suggests accumulation, which could be a bullish indicator for WLD. More investors likely see value in holding WLD, showing their bullish bias toward the cryptocurrency.

The reduction in holdings by very large wallets suggests a move towards more decentralized ownership. This can lead to reduced market manipulation by large holders and potentially more stable price movements.

Worldcoin Fundamental Analysis: Dovish Fed Could Boost Upside Sentiment

More fundamental upside cues come from the latest Federal Reserve update on their interest rates policy.

Notably, Fed officials anticipate lowering borrowing costs just once in 2024 rather than the three reductions previously projected in their median estimate after a two-day policy meeting in Washington. Chair Jerome Powell has indicated that further reductions are still possible.

Lower interest rates reduce the opportunity cost of holding safe havens like the U.S. dollar and Treasury notes. Instead, they boost investors’ appetite for riskier assets like cryptocurrencies, which may benefit Worldcoin this year.

About the Author

Yashu Gola is a journalist focusing on cryptocurrency markets since 2014. He writes for Cointelegraph and CoinChapter and has previously served as the chief editor for NewsBTC.

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