- Bitcoin and Ethereum rebounded over 5% each after experiencing one of the sharpest sell-offs in the last 2 days, showing signs of market recovery.
- IOTA broke out of a falling wedge pattern on March 1st reaching $0.31, but has since retraced to retest its breakout trendline around $0.19-$0.2170.
- WLD similarly broke out of its falling wedge pattern on February 27th at $1.11, but pulled back to retest its breakout trendline and currently trades at approximately $0.97.
- Both IOTA and WLD could see potential gains of 96-98% if they successfully bounce from their current support levels and break through key resistance zones.
Date: Wed, March 05, 2025 | 08:05 AM GMT
The cryptocurrency market is showing signs of recovery today, with Bitcoin (BTC) and Ethereum (ETH) rebounding over 5% each after experiencing one of the sharpest sell-offs in last 2 days.
Following this, top altcoins IOTA (IOTA) and Worldcoin (WLD) are retesting their key breakout levels, and a successful bounce back could pave the way for a recovery from their major 60-day correction phase.
IOTA (IOTA) Analysis
IOTA recently made a notable move upwards, breaking out of a falling wedge pattern on March 1, 2025, which pushed its price to a peak of $0.31. However, following the broader market correction, IOTA retraced to retest its breakout trendline around $0.19 and is now trading at approximately $0.2170.
If IOTA successfully holds above this support level, it could rally toward the next resistance at the 100-day moving average (100 MA) near $0.30, with an extended bullish target of $0.31. A decisive move beyond these levels could propel the price toward the next significant resistance at $0.4251, representing a potential 98% increase from current levels.
Worldcoin (WLD) Analysis
WLD has followed a similar trajectory, breaking out of its falling wedge pattern on February 27 at the price level of $1.11. However, the recent market downturn led to a pullback, bringing WLD back to retest its breakout trendline. Currently, WLD is trading at approximately $0.97.
If WLD successfully bounces from this retest, it could target the immediate resistance at $1.37, aligning with the 50-day moving average (50 MA). A further breakout above this level could push WLD toward the next key resistance at $1.88, representing a potential 96% upside from the current price.
Is a Bounce Back Ahead?
The ability of IOTA and WLD to sustain their key breakout trendlines will be a crucial factor in determining their short-term price movements. A strong rebound from these levels could confirm bullish continuation patterns, attracting further investor interest and potentially reversing the prolonged bearish momentum.
However, traders should remain cautious, as failure to hold above these trendlines could invalidate the breakout structure and lead to further declines.
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