Date: Tue, February 18, 2025 | 07:10 PM GMT
The cryptocurrency market is experiencing a sharp downturn today, with Bitcoin dominance surging by 0.79% in the last 24 hours, now sitting at 61.14%. This increased dominance has put significant pressure on altcoins, leading to widespread corrections.
Amid this downturn, Worldcoin (WLD) and JasmyCoin (JASMY) have seen significant drops, with a 7% and 6% decline today, bringing their 30-day corrections to 48% and 31%, respectively.
However, both tokens are now testing key support levels, presenting a potential setup for a rebound.
Worldcoin (WLD)
The daily chart for WLD shows that the price has been consolidating within a falling wedge pattern since its rejection at the $2.46 resistance trendline on January 22. This rejection triggered a strong downtrend, driving the price to the wedge’s support trendline.
Currently, WLD is testing the key support zone at $1-$1.15, a critical level that has acted as a historical demand zone. A successful bounce from this level could signal a bullish reversal. If WLD breaks out of the falling wedge pattern and clears the 25-day SMA, we could see a potential recovery rally, with upside targets at $1.45 and beyond.
JasmyCoin (JASMY)
Similarly, JASMY’s daily chart displays a falling wedge pattern, mirroring WLD’s movement. The recent correction began on February 1, following a rejection at the $0.034 resistance trendline, leading to an extended decline.
Now, JASMY is testing the key support zone of $0.019-$0.021. If the price bounces from this support, we could see a breakout attempt towards the wedge resistance and to 25-day SMA, which could trigger a recovery rally. A successful breakout would target $0.034 and higher resistance levels, confirming a trend reversal.
Final Thoughts – Will the Market Support a Rebound?
Both WLD and JASMY are at crucial support levels, making the next few trading sessions critical. If these levels hold, a short-term recovery rally and breakout are possible. However, if support breaks, further downside movements could occur, pushing prices into deeper corrections.
The broader market trend, particularly Bitcoin’s dominance and Ethereum’s price action, will play a vital role in determining whether these altcoins recover or continue their decline.
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