Severalcryptocurrenciessawimpressivegainsthisweek,withsomeemergingasthebiggestaltcoingainers.Thisperformanceoutpacedtheinconsistentmovementsseenduringthesecondweek.
ThebiggestmoversincludeDogecoin(DOGE),Worldcoin(WLD),andEthena(ENA).Inthisanalysis,BeInCryptoexaminesthefactorsbehindthesealtcoins’significantmovementsandassesseswhethertheirralliesarelikelytocontinue.
Dogecoin(DOGE)
Dogecoinledthebiggestaltcoingainerswiththehighestpriceincrease,surgingby31.60%thisweek.Onekeydriverbehindthisrallywastheactivityofcryptowhales.Atvariouspointsduringtheweek,thesewhalesaccumulatedlargeamountsofDOGE,creatingsignificantbuyingpressurethatboostedthecoin’svalue.
TeslaCEOElonMuskalsoplayedakeyroleinDogecoin’ssurge.Throughouttheweek,Musk,avocalsupporterofDonaldTrump’spresidentialambitions,repeatedlymentionedthepotentialcreationofaDepartmentofGovernmentEfficiency(D.O.G.E)ifTrumpwinsthepresidency.
SincetheacronymalignswithDogecoin’stickerandMuskhasbeenalong-timeadvocateofthecryptocurrency,thepricenaturallysawasignificantjump.Italsoreached$0.14forthefirsttimesinceJuly.
Fromatechnicalstandpoint,Dogecoin’ssurgewasdrivenbyabreakoutfromadescendingtrianglepattern,whichformswhenafallingtrendlinemeetshorizontalsupport.Insteadofbreakingdownanddeclining,DOGEdefiedexpectationsbyrisingabovethepattern,fuelingitsupwardmovement.
DogecoinDailyPriceAnalysis.Source:TradingView
Additionally,the“goldencross,”wherethe20-dayExponentialMovingAverage(EMA)crossesabovealonger-termmovingaverage,furtheracceleratedthepriceupswing.
Ifthecurrentbullishtrendcontinues,Dogecoin’spricecouldclimbto$0.17inthecomingdays.Inanextremelybullishscenario,DOGEmightevenreach$0.20.
However,iflong-timeholdersdecidetolockingains,thisupwardpredictioncouldbeinvalidated,leadingtoapotentialpricedecline.Insuchacase,Dogecoinmaydropto$0.12.
Worldcoin(WLD)
Worldcoinissecondonthelistofthebestperformingaltcoins.Thisweek,WLDposted27.30%gains,drivenbyincreasinginterestfrominvestors.ThesurgeinWorldcoin’spricecanbeattributedtoitsrebrandingto“World”andthelaunchofaLayer-2called“WorldChain.”
Asofthiswriting,Worldcoinistradingat$2.50,thoughitremains79%downfromitsall-timehigh.Therecentpricerisefollowedstrongsupportat$2.10,wherebullsdefendedthelevel,signalingconfidenceintheasset.Additionally,theincreaseintheRelativeStrengthIndex(RSI)reflectsgrowingbullishmomentum,furthersupportingtheupwardmovement.
WorldcoinDailyPriceAnalysis.Source:TradingView
Ifthebuyingpressurecontinues,Worldcoinmayencounterresistanceatthe$2.95mark.Shoulditbreakthroughthislevel,thealtcoincouldsurgeashighas$4.94.However,ifitfailstoovercometheoverheadresistance,thereisariskofapullbacktobelow$2.
Ethena(ENA)
Ethenahasemergedasoneofthebiggestaltcoingainersthisweek,primarilyduetothelaunchofitssynthetic-dollarprotocol,USDe,ontheSolanablockchain.ThisdevelopmenthasdrivenENA’spriceupby24.30%,bringingitto$0.41.
Onthedailychart,theMovingAverageConvergenceDivergence(MACD)indicatorhasturnedpositive,signalingbullishmomentum.ApositiveMACDindicatesthatthepricemaycontinuetorise.Ifthismomentumissustained,ENAcouldpotentiallyreach$0.70intheshortterm.
EthenaDailyPriceAnalysis.Source:TradingView
However,tradersshouldbecautiousofthe$0.50resistancelevel;failuretobreakthroughthisbarriercouldinvalidatethebullishoutlook.Insuchacase,thealtcoinmightseeadeclinebelow$0.35.
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