- BounceBit (BB) surged 15% after breaking out of a falling wedge pattern, with potential for an 84% increase if it reaches the $0.2907 resistance zone.
- Wormhole (W) gained 46% and is approaching a similar breakout pattern, potentially targeting a 78% increase to $0.1898 if it breaks above current resistance.
- The crypto market is showing signs of recovery with Ethereum gaining 4% weekly and Bitcoin dominance declining 0.71%, providing relief for altcoins.
- Both tokens are testing critical resistance levels at their 50-day moving averages after months of selling pressure and heavy corrections.
Date: Sun, March 23, 2025 | 03:45 AM GMT
The crypto market is showing minor signs of a rebound as Ethereum (ETH) bounces back with a 4% weekly gain, while a 0.71% decline in BTC dominance has given altcoins some breathing room after months of selling pressure. As sentiment gradually improves, altcoins like BounceBit (BB) and Wormhole (W) are starting to stir as well after facing a heavy correction over the past 90 days.
Today, BB has gained strong momentum, surging by an impressive 15% and breaking out of a key technical pattern. Meanwhile, W’s 46% solid rise brings it to similar breakout price action to BB, positioning itself for a possible trend reversal.
BounceBit (BB) Breaks Out of Falling Wedge
BB has successfully broken out of a falling wedge pattern, a formation typically seen as bullish. The token surpassed the upper trendline of the wedge around the $0.1188 range last week, signaling a shift in sentiment.
Following this breakout, BB is currently trading around $0.1565, testing key resistance at the 50-day moving average and the $0.1895 price zone. If BB maintains its bullish momentum, the next critical resistance lies around its 100-day MA and the $0.2907 price zone, which would represent an 84% increase from the current price.
However, if the price faces rejection, a retest of the breakout level could provide a buying opportunity before further upside continuation.
Wormhole (W) Prepares for a Potential Breakout
W has been mirroring BB’s price movement, also trading inside a falling wedge pattern since its $0.4155 high on Dec 06. The token recently rebounded from the lower trendline support at $0.076 and is currently trading at $0.1239.
Now, W is approaching the upper resistance of the wedge, and a breakout with a retest could drive the price towards the next resistance at the 50-day moving average and the $0.1455 price zone.
A decisive move beyond this zone could fuel a rally towards the upside resistance of $0.1898 and its 100-day MA, marking a potential 78% increase from current levels.
Final Thoughts
BB’s breakout has set the stage for a bullish continuation, while W is now at a critical decision point. If W follows a similar trajectory, traders could witness significant gains in the coming days. As always, market participants should closely monitor price action, volume confirmation, and key resistance levels before making investment decisions.
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