Date: Fri, February 21, 2025 | 01:08 PM GMT
In the cryptocurrency market this week, major altcoins have started to show signs of recovery after an extended correction phase that followed the rally witnessed in November 2024. Following the current momentum, two top altcoins, Ethena (ENA) and Worldcoin (WLD), have taken center stage with impressive gains after experiencing significant corrections over the past 30 days.
ENA has surged 15% after breaking out of a key pattern, while WLD is up over 11%, trading near a crucial resistance level and signaling a potential breakout.
Source: Coinmarketcap
Ethena (ENA)
Ethena (ENA) has successfully broken out of a falling wedge pattern, which had been in play since its rejection from the $1.31 high on January 4. This pattern, often considered bullish, signals a potential reversal of the previous downtrend.
Ethena (ENA) Daily Chart/Coinsprobe (Source: Tradingview)
With today’s breakout, ENA is currently trading around $0.46, reflecting a shift in sentiment. There is a possibility that the price might retest the breakout level before further gains materialize.
If the momentum continues, the next major resistance to watch is the 25-day Simple Moving Average (SMA). A confirmed move above this level could drive ENA toward the resistance zone of $0.81, which represents a potential 79% increase from current prices.
Worldcoin (WLD)
Worldcoin (WLD) is displaying a similar pattern, trading within a falling wedge formation since its rejection from the $4.20 high on December 6.
Worldcoin (WLD) Daily Chart/Coinsprobe (Source: Tradingview)
After bottoming out at $0.95, WLD has made a rebound and is now testing the upper resistance boundary of the wedge along with the 25-day SMA.
Currently trading at $1.29, WLD is at a critical juncture. If it manages to break out above its resistance zone and confirm the move with a retest, the next potential targets would be $1.81 and $2.31, representing a possible 92% upside from the current level.
Final Thoughts
With ENA already breaking out and WLD approaching a key resistance, both tokens are showing signs of strong momentum. If the market conditions remain favorable, these moves could pave the way for significant gains in the coming days.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct thorough research before making any investment decisions.
