The cryptocurrency market is facing a mild pullback following Ethereum's resistance testing at $3,940. Several altcoins, including Wormhole, are experiencing fluctuations amidst this downturn.
Overview of Market Correction
Since Ethereum's drop to around $3,835, several altcoins, including Wormhole, are under pressure. Today, Wormhole is down 4%, reducing its monthly gains to 13%.
Comparison of Wormhole and Ethena
A comparison of Wormhole and Ethena's charts reveals a striking similarity in price dynamics. Ethena recently broke out, leading to a 90% rise to $0.70. Wormhole is also recovering, reclaiming its moving averages.
Future Prospects for Wormhole
If the current bullish fractal continues, a confirmed breakout above its resistance level and a reclaim of the 200-day moving average near $0.1127 could spark a significant upward movement to $0.1470, representing a 79% increase from current levels. However, Wormhole must hold above its 100-day moving average to sustain this bullish trend.
Based on current trends and analysis, Wormhole shows potential signs of growth, but it is crucial to monitor moving averages that will dictate the token's future trajectory.
