Dogecoin Leads Altcoin Gains with 31.60% Upside, Followed by Worldcoin with 27.30% and Ethena with 24.30%.
Elon Musk’s constant D.O.G.E posts have increased Dogecoin’s value, and analysis points to a $0.17 target. Worldcoin’s rebranding could push the altcoin closer to $5, while Ethena’s price target suggests a return to $0.70. This week, some cryptocurrencies have made impressive gains, standing out as major altcoin winners. This performance has left behind the volatile movements seen in previous weeks.
The top altcoins that moved include Dogecoin (DOGE), Worldcoin (WLD), and Ethena (ENA). In this analysis, BeInCrypto examines the reasons behind these significant moves and assesses whether their rise is likely to continue.
Dogecoin (DOGE)$DOGE
Dogecoin maintained its leadership position among the biggest altcoin gainers with a 31.60% increase. The main factor behind this rise was the increased buying activity of crypto whales. Large amounts of DOGE were purchased throughout the week, which put significant pressure on the price.
Tesla CEO Elon Musk also played a significant role in Dogecoin’s rise in value. During the week, he drew attention with his statements supporting Donald Trump’s presidential ambitions, suggesting that the Department of Government Effectiveness (D.O.G.E) could be established if Trump becomes president. This caused the price to rise due to the fact that the acronym overlaps with Dogecoin’s symbol and Musk’s long-standing advocacy in the cryptocurrency world. Dogecoin managed to reach $0.14 for the first time since July.
From a technical perspective, DOGE’s rise was triggered by a falling trendline reaching a horizontal support point. Contrary to expectations, DOGE rose instead of falling, supporting its upward movement and breaking above the pattern. In addition, the 20-day Exponential Moving Average (EMA) crossed over a longer-term moving average, which brought about the formation of a “golden cross.”
If the current bull trend continues, the price of Dogecoin could reach $0.17 in the coming days. In the most optimistic scenario, DOGE could rise to $0.20. However, if long-term investors decide to realize their gains, this could invalidate the bullish forecasts and a potential price drop could occur. In such a scenario, Dogecoin could fall to $0.12.
Worldcoin (WLD)$WLD
Worldcoin ranked second among the best-performing altcoins, gaining 27.30%. This increase was supported by strong interest from investors. The rise in the price of Worldcoin is associated with its rebranding as “World” and the launch of a new Layer-2 platform called “World Chain.”
At the time of writing, Worldcoin is trading at $2.50, which is 79% below its all-time high. The recent price rally is supported by strong support at $2.10, suggesting that the bulls are defending the level. Furthermore, an increase in the Relative Strength Index (RSI) is reinforcing the bullish momentum, supporting the upside move. If the buying pressure continues, Worldcoin could face resistance at $2.95. If it can break this level, the altcoin could rise to $4.94. However, if the upper resistance is not overcome, there is a risk of a drop below $2.
Athena (ENA)$ENA
Ethena made a significant breakout this week, rising 24.30% to $0.41. This success is based on the launch of its synthetic dollar protocol USDe, which was launched on the Solana blockchain.
On the daily chart, the Moving Average Convergence Divergence (MACD) indicator has turned positive, indicating bullish momentum. A positive MACD suggests that the price could continue to rise. If this momentum continues, the ENA could reach $0.70 in the short term.
