Can WLD price extend its rally towards $0.38 as institutional demand returns?

Worldcoin price has climbed about 8% over the past 24 hours to around $0.338 on August 10, extending its weekly gain supported by renewed institutional demand.

According to CoinGecko data provided on August 10, WLD traded as high as roughly $0.34 during the session after starting its latest advance from around $0.305, while its seven-day performance moved back into positive territory at about 3%.

The latest leg higher accelerated during Asian trading hours, taking WLD above $0.33 after the token spent much of the previous session between $0.31 and $0.325. 

Despite the rebound, WLD remained down roughly 7.7% over 14 days and 16.2% over the past month, leaving the current rally well below levels seen earlier in July.

Institutional demand has provided one of the main catalysts behind the recovery, led by Eightco Holdings' continued accumulation of the token.

In an August 6 update, Eightco said it held nearly 302 million WLD as of Aug. 5, placing the tokens among approximately $378 million of assets reported by the Nasdaq-listed company.

The disclosure added to Eightco's existing exposure to Worldcoin rather than introducing a new treasury strategy. 

An earlier company update cited in April showed that Eightco already held more than 283 million WLD, meaning its latest figures represented an increase of roughly 19 million tokens from that level.

Eightco's latest disclosure arrived three days before WLD's August 10 advance, keeping the size of its treasury position in focus as the token moved higher over the weekend.

Another factor behind renewed interest in WLD is Grayscale's attempt to introduce a US-listed investment product tied directly to the token.

Grayscale filed an S-1 registration statement with the US Securities and Exchange Commission in July for the Grayscale Worldcoin ETF, which would provide investors with regulated exposure to WLD without requiring them to hold the underlying cryptocurrency directly.

Under the proposal, the fund would trade on Nasdaq under the ticker GWLD, while BitGo Bank & Trust would serve as custodian. 

The Bank of New York Mellon was named as administrator and transfer agent in the filing.

WLD initially rose following news of the filing, and the proposed fund remains relevant to the current price setup because it would open another route for investors seeking Worldcoin exposure if regulators allow the product to launch.

The ETF has not yet received SEC approval, making the filing an ongoing catalyst rather than a completed development.

Product developments around World Network have also provided fundamental support for WLD after the project laid out the next stage of its development in late July.

World Network said on July 24 that it had entered "Phase 3" of its Simple Plan, with World ID being extended across consumer applications, enterprise services and systems involving AI agents.

The project pointed to World ID use cases involving verified Zoom meetings and Tinder matches between verified humans, while its recent announcements have also included integrations involving companies such as Okta and Vercel.

World said Phase 3 would focus on taking proof-of-human verification into services where platforms need to distinguish real users from automated agents. 

The project also said a new World ID application is being prepared alongside another product development planned for the fall.

For WLD, these developments have kept attention on World Network's effort to expand World ID beyond its original biometric verification model and into consumer and enterprise applications.

Token supply conditions have also changed since late July.

World Network said the aggregate WLD unlock rate automatically fell 43% on July 24 under its existing token schedules, cutting daily unlocks from approximately 5.1 million WLD to 2.9 million WLD.

Community token unlocks were reduced from 3.2 million to 1.6 million WLD per day, while the daily rate for team and Tools for Humanity investor allocations fell 32%, from about 1.9 million to 1.3 million tokens.

Can WLD price rally toward $0.38?

On the technical side, the August 10 rally has improved WLD's short-term setup, but the daily chart shows that buyers still face several important resistance levels before the trend can turn decisively bullish.

On the 4-hour WLD/USDT chart, WLD was trading around $0.3386 after a large green candle carried the token above its 20-period and 50-period exponential moving averages at approximately $0.3148 and $0.3147.

See below:

WLD/USDT 4-hour price chart. Source: TradingView.

More importantly for the immediate move, WLD also broke above its 100-period EMA near $0.3255. 

The breakout places price above all three shorter moving averages for the first time during the latest recovery and leaves the 200-period EMA around $0.3515 as the next dynamic resistance.

Volume expanded alongside the breakout candle, adding confirmation to the move above $0.325. 

However, WLD would need to hold above that former resistance area for the four-hour structure to remain intact.

Meanwhile, according to its VPVR profile, a large concentration of historical trading activity sits around the $0.305-$0.315 region, making the area an important support zone if WLD gives back part of the August 10 rally.

Above the current price, the profile becomes comparatively thinner before the next major resistance cluster around $0.38-$0.385. 

WLD previously encountered heavy selling around that area in late July, and the zone also corresponds with a substantial historical volume node.

A sustained break above the four-hour 200 EMA at $0.3515 could therefore expose the $0.38-$0.385 region, representing a surge of roughly 13% from the current price.

The daily chart remains more demanding.

WLD was trading around $0.3385 at the time of the chart, while the 50-day, 100-day and 200-day simple moving averages stood at approximately $0.3838, $0.3836 and $0.3643.

WLD/USDT 1-day price chart. Source: TradingView.

As a result, WLD remains below all three major daily averages despite the latest rally. 

The first major daily barrier sits around the 200-day SMA at $0.3643, followed by a particularly tight cluster formed by the 50-day and 100-day SMAs around $0.383-$0.384.

Clearing $0.364 would strengthen the recovery structure and put the $0.38-$0.385 zone back in play. 

A daily close above the latter area would also take WLD above all three tracked daily moving averages, opening room for traders to reassess the downtrend that has been in place since the token fell from above $0.60 in June.

Momentum has started to recover alongside price, as evident by the daily relative strength index, which has risen to about 49.1, up sharply from levels close to 30 earlier in August. 

Its RSI moving average remained lower at approximately 36.4, showing that short-term momentum has recovered faster than the underlying average.

An RSI move above 50 would put momentum back into the upper half of its range, while a rejection around that threshold could leave WLD vulnerable to another test of its recently reclaimed moving averages.

On the downside, the 4-hour EMA cluster around $0.314-$0.315 provides the first important support if buyers fail to maintain the breakout. 

Below it, VPVR shows substantial historical activity around $0.305-$0.31, followed by the recent lows around $0.295-$0.30.

For the upside setup, WLD first needs to challenge the four-hour 200 EMA near $0.3515, followed by the daily 200 SMA at $0.3643. 

The next major test would then sit around $0.383-$0.385, where the daily 50-day and 100-day averages converge with the resistance area that rejected WLD during July.