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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.