WLD price poised for recovery as OpenAI gears up for first AI developer conference

OpenAI is holding its first developers’ conference, called OpenAI DevDay, on Monday, an event that could become a bullish catalyst for Worldcoin (WDC) as Sam Altman – co-founder of both OpenAI and the project related to the token – is set to give a keynote speech.

Any announcement regarding ChatGPT, OpenAI’s generative artificial-intelligence tool, could spark a price increase for WLD, which has lost 11.76% of its value in November so far.

Also read: Worldcoin price extends gains as World App reaches 1 million monthly users

AI developer conference could act as a bullish catalyst

The OpenAI developer conference for Artificial Intelligence (AI) is the first of its kind. The event has attracted worldwide attention, with developers flying in as they anticipate a bullish announcement by OpenAI founder Sam Altman. Altman teased a new development in a recent tweet on X:

According to a Reuters report, the American Artificial Intelligence organization is expected to announce updates that help developers slash costs and boost vision capabilities. Cost cutting is one of the leading concerns among OpenAI’s users.

Further, Sam Altman’s World App, a hot crypto wallet, recently hit a milestone with 4 million downloads within six months of its launch. This milestone could  boost the usage of the WLD token as it is used for incentivizing the app’s users. Find out more here.

Reuters reports that Altman could announce the ability to fine-tune GPT-4, the latest version of the OpenAI model.. This could fuel a bullish narrative for AI-related projects such as Worldcoin. 

On-chain metrics signal incoming volatility in WLD price

Based on on-chain metrics from crypto intelligence tracker Santiment, there is a slight decrease in the positive sentiment for WLD in social media. Despite the decline, the sentiment is within the positive territory, making it more likely that WLD price recovers from its recent slump. 

Weighted sentiment for WLD coin among traders vs price 

The supply of the asset on exchanges, another key metric that helps determine the direction of WLD price trend, has declined 28.8% over the past month. However, between November 3 and 6, supply on exchanges has climbed 24.4%. This increase in supply is likely to increase selling pressure on WLD closer to the event. 

WLD supply on exchanges vs price

Large wallet investors in WLD seem to be increasing their activity ahead of the AI conference. Two segments of whale transactions, valued at $100,000 or higher and $1 million or higher, climbed since the beginning of November, as seen in the chart below. Typically, an increase in whale activity is a sign of a downward correction. However, when combined with declining supply on exchanges, on a monthly basis, this could aid recovery in WLD. 

Whale transactions in WLD vs price 

At the time of writing, the WLD price is at $1.823. The altcoin’s price noted an 11.76% decline between November 1 and 6, according to price data on Binance. As seen in the price chart below, bullish momentum could push WLD price towards the lower boundary of the Fair Value Gap at $2.194, marking a 20% gain from current price levels. Once the FVG is filled, WLD could resume its downtrend. 

WLD/USDT one-day price chart on Binance

In the event of a price decline, WLD is likely to find support at the 50-day Exponential Moving Average (EMA) at $1.687.