These are the best 3

Several cryptocurrencies have seen impressive gains this week, with some emerging as the biggest altcoin earners. This performance surpassed the inconsistent moves seen in the second week.

The biggest movers include Dogecoin (DOGE), Worldcoin (WLD) and Etena (ENA). In this analysis, BeInCrypto examines the reasons behind the significant movements of these altcoins and assesses whether their rallies will continue.

Dogecoin (DOGE)

Dogecoin led the biggest altcoin gainers with a huge price increase this week, rising 31.60%. One of the key drivers behind this rally was the activity of crypto-wells. At various points throughout the week, these whales accumulated large amounts of DOGE, creating significant buying pressure that drove the coin's price higher.

Tesla CEO Elon Musk played a key role in the rise of Dogecoin. During the week, Musk, a vocal supporter of Donald Trump's presidential bid, repeatedly said that a DOGE could be created if Trump wins the presidency.

Since the acronym is similar to Dogecoin's ticker and Musk has been a long-time advocate of the cryptocurrency, its price has naturally seen a significant jump. It reached $0.14 for the first time since July.

From a technical point of view, Dogecoin's rally is triggered by breaking out of a descending triangle pattern when the descending trendline meets horizontal support. Instead of collapsing and declining, DOGE defied expectations by rising above the pattern, igniting an upward move.

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Additionally, the “golden cross” where the 20-day exponential moving average (EMA) crosses above the longer-term moving average further accelerated the price increase.

If the current crash trend continues, the price of Dogecoin may rise to $0.17 in the coming days. In an extremely shocking scenario, DOGE may even reach $0.20.

However, if long-term holders decide to lock in profits, this upside projection could be negated, which could lead to price declines. In such a case, Dogecoin can drop to $0.12.

WorldCoin (WLD)

WorldCoin is second in the list of best performing altcoins. This week, WLD posted gains of 27.30%, fueled by increasing interest from investors. A rise in the value of WorldCoin may indicate the transition to “World” and the launch of Layer-2, the “World Chain”.

As of this writing, Worldcoin is trading at $2.50, although it is down 79% from its all-time high. The recent price increase followed a strong support at $2.10, as the bulls defended the level, showing confidence in the asset. Additionally, a rise in the Relative Strength Index (RSI) indicates growing bullish momentum, further supporting an upward move.

If the buying pressure continues, Worldcoin may face resistance at the $2.95 mark. If it passes this level, the altcoin could go as high as $4.94. However, if it fails to overcome the resistance above, there is a risk of a return below $2.

Athena (ESA)

Athena emerged as one of the biggest altcoin entrants this week, largely due to the launch of USD, a dollar protocol built on the Solana blockchain. This development raised the price of ESA by 24.30% to $0.41.

On the daily chart, the Moving Average Convergence Divergence (MACD) indicator has turned positive, indicating bullish momentum. A positive MACD indicates that the price may continue to rise. If this momentum continues, ESA could reach $0.70 in the short term.

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However, traders should be wary of the $0.50 resistance level; Failure to overcome this obstacle may result in the loss of a corrupt perspective. In such a case, the altcoin could see a drop below $0.35.