Key Takeaways
The treasury strategy announcement and its latest rally highlighted bullish conviction in the market. However, the altcoin is still a long way away from its ATH.
Worldcoin [WLD] token’s price surged from its four-month range lows at $0.86. At the time of writing, the altcoin was up over 100% in just six days. In fact, it had breached the range formation that extended from $0.86 to $1.52, with the mid-range resistance at $1.2.
On Monday, 08 September, Eightco Holdings Inc. [OCTO] announced a $250 million private placement with an additional $20 million strategic investment from BitMmine [BMNR] to initiate the world’s first Worlcoin treasury strategy.
The announcement detailed the purchase and sale of approximately 171,232,877 shares of common stock at $1.46 per share. The document also confirmed Dan Ives, Wedbush Securities’ Global Head of Technology Research, as Eightco Chairman of the Board of Directors.
Speaking to CNBC, Ives said,
“As someone that’s so passionate about the AI revolution and the future of tech, I view World as really the de facto standard for authentication and identification in the future world of AI.”
How did Worldcoin’s price react?
Source: WLD/USD, TradingView
WLD rallied by 30% on Monday and at the time of writing, more gains seemed possible on the price charts. The 1-day market structure was bullish after the previous week’s gains. The technical structure break came after the move beyond the previous lower high at $0.965.
As far as the technical indicators are concerned, the CMF underlined sizeable capital inflows into the market and sustained demand over the past week. The MFI did not reflect overbought conditions.
And yet, despite the strong bullish news of a WLD treasury strategy, the token was still well away from its current ATH of $11.74 set in March 2024. It can be argued, however, that breaching its higher timeframe range from May is the first step towards doing that.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
