Worldcoin price defends $7.00 despite Elon Musk’s confirmation of legal action against OpenAI
- Worldcoin price has remained above the February 27 low at $7.0020 for almost two weeks in a row with prospects for more gains.
- WLD could reclaim the $9.4500 range high as Elon Musk brings OpenAI back to the headlines after the Nvidia-led rally.
- A close below $7.0000 would produce a lower low, paving the way for extended losses.
Worldcoin (WLD) price holds up well above the $7.00 level on Friday, fuelled by the Nvidia-infused rally and largely shrugging off reports that Elon Musk will take legal action against OpenAI and its CEO, Sam Altman, who is one of the creators of WLD.
Also Read: Worldcoin price dips 25% as WLD holders cash in on faded AI narrative
Elon Musk confirms legal action
Space X, Tesla, and X CEO Elon Musk has confirmed he is taking legal action against OpenAI and Altman in a post on X, saying, “Yes,” in response to a comment that the case would reveal “epic” findings.
Yes
— Elon Musk (@elonmusk) March 1, 2024
OpenAI has been the subject of multiple controversies within the US borders and externally. After legal tussles with the jurisdictions of different nations, and the recent debacle surrounding Altman and Microsoft, the latest is an engagement between the two giants in the crypto and innovation arenas.
As reported, Musk is suing OpenAI and Altman for allegedly breaching their nonprofit agreement. In a filing with the Superior Court of California for the County of San Francisco, Musk claims that OpenAI’s partnership with Microsoft violates the intrinsic principles of advancing open-source artificial general intelligence (AGI) for the benefit of humanity. With this, Musk cites a breach of contract, fiduciary duty violation, and unfair business practices.
Musk demands OpenAI to return to its open-source principles and that the court prevents the for-profit exploitation of AGI technology. Musk was an original board member of OpenAI until 2018.
Read full report: Elon Musk sues Sam Altman, OpenAI over agreement breach
Worldcoin price outlook as Elon Musk takes OpenAI to court
Worldcoin price remains above the $7.00 psychological level, and effectively also above the ascending trendline that continues to govern the WLD/USDT trading pair on the three-day time frame. Considering the WLD price is still below the upper band of the Bollinger indicator at $8.3650, the upside potential is still alive.
In addition, the Relative Strength Index (RSI) is northbound, suggesting rising momentum despite its stance above 70. The histogram bars of the Awesome Oscillator (AO) as well as those of the Moving Average Convergence Divergence (MACD) remain in positive territory too. This accentuates the bullish thesis.
Increased buying pressure could see the Worldcoin price extend the gains, shattering the $8.569 blockade for a chance to reclaim the $9.4500 range high. Such a move would constitute a 20% climb above current levels.
WLD/USDT 1-day chart
On the other hand, if sellers pull the trigger, spooked by FUD around the legal action, the Worldcoin price could descend, breaking below the key $7.00 level. Failure to reclaim above this threshold would produce a lower low, paving the way for further losses.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
