The cryptocurrency markets have been a mixed bag lately, with some coins struggling while others show signs of potential rallies. Two digital assets exhibiting contrasting trajectories are Ethena (ENA) and Worldcoin (WLD). Both tokens have negative figures in terms of their percentage increase in the last 7 days, but these trends could potentially change for the better or even worsen. Let’s delve into more details.
What you'll learn 👉
Ethena’s Downward Spiral Continues
Ethena, a recent entrant to the crypto scene after its launch in April, has been on a downward spiral in recent days. The coin reached a high of $1.5 few days after its debut but has since seen its value plummet by 50%, currently trading around $0.78.
ENA’s price has repeatedly tested a major support level between $0.77 and $0.79 but has been unable to find a foothold, with the bears unwilling to relent. If this critical support is breached, price analysis shows a potential further decline to the $0.3 level (a 60% decline), barring a significant bullish event or an unexpected shift in overall market sentiment.
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Worldcoin Aims for Resistance Breakout
While Ethena struggles, Worldcoin (WLD) is exhibiting signs of a potential price rally. Hammer-like candlestick patterns have started to emerge, indicating that the coin might have found a local bottom. Fueled by this development, the bulls have been pushing WLD’s price higher, aiming to breach the resistance area around $4.9.
Today, WLD spiked to that resistance level but faced stiff selling pressure, causing the price to retrace to its current value of $4.6. The bulls are expected to make another attempt at overcoming this hurdle. However, failure to breach this resistance could lead to a period of sideways consolidation or further downside.
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