Date: Mon, Jan 06, 2025, 01:06 PM GMT
The cryptocurrency market has been gaining strong momentum in the early days of 2025, with altcoins benefitting from a decline in Bitcoin’s dominance. Bitcoin’s share of the market has dropped from 58.12% on December 31 to 57% today, creating a favorable environment for altcoins.
VeChain (VET) and Worldcoin (WLD) are among the notable weekly gainers, as both tokens approach key resistance levels after breaking out of falling wedge patterns.
Source: Coinmarketcap
Both tokens are at critical junctures, prompting speculation about whether further upside potential lies ahead.
VeChain (VET)
VeChain (VET) has shown impressive growth after breaking out of a falling wedge pattern near $0.04450. Following the breakout, $VET has climbed to its current price of $0.051 and is now approaching a critical horizontal resistance level at $0.05420.
VeChain (VET) 1D Chart/ Coinsprobe (Source: Tradingview)
If this resistance level is broken and confirmed with a retest, VeChain could target higher levels, with $0.061 and $0.080 as the next significant resistance zones. Achieving these targets would result in a potential 56% increase from the current price.
The MACD indicator has turned bullish, with a growing histogram indicating increased buying pressure. This suggests a shift in market sentiment in favor of bulls, which could support a sustained upward move. However, a successful breakout will likely depend on an increase in trading volume to confirm the move's strength.
Worldcoin (WLD)
Worldcoin (WLD) has also demonstrated resilience, breaking out of a falling wedge pattern near $2.11. The token is currently trading at $2.47 and is testing a critical resistance level at $2.51.
Worldcoin (WLD) 1D Chart/ Coinsprobe (Source: Tradingview)
A breakout above this resistance level, confirmed by a retest, could set the stage for further gains. Potential upside targets for Worldcoin include $3.16 and $4.19, representing a possible 71% increase from its current price.
The MACD for $WLD shows a bullish crossover, with the MACD line moving above the signal line. This momentum shift reflects growing optimism among traders and suggests that WLD could move higher if buying pressure remains strong.
Are More Gains on the Horizon?
Both VeChain and Worldcoin are at critical junctures in their respective charts. The recent decline in Bitcoin dominance has given altcoins a boost, creating the opportunity for significant upward moves. However, resistance levels can act as strong barriers, and pullbacks remain a possibility.
For VeChain and Worldcoin to capitalize on their bullish setups, a combination of increased volume, positive sentiment, and supportive market conditions will be essential. Should these factors align, both tokens could deliver notable gains in the coming weeks, potentially outpacing the broader cryptocurrency market.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before investing in cryptocurrencies.
