Several cryptocurrencies have seen impressive gains this week, with some emerging as the biggest altcoin gainers. This performance exceeded the erratic movement seen in week two.
The biggest moves include Dogecoin (DOGE), Worldcoin (WLD), and Etena (ENA). In this analysis, BeInCrypto investigates the factors behind the big moves in these altcoins and assesses whether their rise is likely to continue.
Dogecoin (DOGE)
Dogecoin surged 31.60% this week, recording the highest price increase and leading the biggest gainers among altcoins. One of the key drivers behind this rise was the activity of crypto whales. At various points during the week, these whales accumulated large amounts of DOGE, creating significant buying pressure that pushed up the value of the coin.
Tesla CEO Elon Musk also played a key role in Dogecoin’s meteoric rise. Throughout this week, Musk, a vocal supporter of Donald Trump’s presidential ambitions, repeatedly mentioned the possibility of creating a Department of Government Efficiency (DOGE) if Trump were elected president.
The acronym matches Dogecoin’s ticker, and Musk has been a supporter of the cryptocurrency for years, so it’s no surprise that the price has risen significantly. It reached $0.14 for the first time since July.
From a technical perspective, Dogecoin’s surge was caused by a breakout from a descending triangle pattern, which is formed when a downtrend line meets horizontal support. Rather than collapse and fall, DOGE unexpectedly outperformed the pattern and accelerated its uptrend.
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Dogecoin daily price analysis. Source: TradingView
Furthermore, a “golden cross” in which the 20-day exponential moving average (EMA) exceeds the long-term moving average further accelerated the price rise.
If the current bullish trend continues, Dogecoin price could rise to $0.17 within the next few days. In a very bullish scenario, DOGE could reach $0.20.
However, if long-term holders decide to lock in profits, this upside forecast could be invalidated, leading to a potential price decline. In such a case, Dogecoin could drop to $0.12.
World Coin (WLD)
Worldcoin ranks second on the list of best performing altcoins. This week, WLD gained 27.30% due to increased interest from investors. The soaring price of Worldcoin can be attributed to its rebranding to “World” and the launch of Layer 2 called “World Chain.”
As of this writing, World Coin is trading at $2.50, still down 79% from its all-time high. The recent price rally followed strong support at $2.10, where bulls defended that level and showed confidence in the asset. Additionally, the rise in the Relative Strength Index (RSI) reflects increasing bullish momentum and further supports the uptrend.
World Coin daily price analysis. Source: TradingView
If the buying pressure continues, World Coin may encounter resistance at the $2.95 level. If this level is broken, the altcoin could soar to $4.94. However, if the price fails to overcome the overhead resistance level, there is a risk of a fall below $2.
Ethena (ENA)
Ethena has emerged as one of the biggest altcoin risers this week, largely due to the launch of its synthetic dollar protocol USDe on the Solana blockchain. This development increased the price of ENA by 24.30% to $0.41.
On the daily chart, the Moving Average Convergence Divergence (MACD) indicator has turned positive, indicating bullish momentum. If the MACD is positive, it indicates that prices are likely to continue rising. If this momentum holds, ENA could reach $0.70 in the near term.
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Ethena daily price analysis. Source: TradingView
However, traders should be aware of the $0.50 resistance level. Failure to break through this barrier could invalidate the bullish outlook. In such a case, the altcoin could see a drop below $0.35.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although BeInCrypto strives for accurate and unbiased reporting, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms of Use, Privacy Policy, and Disclaimer have been updated.
