The cryptocurrency market is showing signs of rejuvenation, with Ethereum returning above the $2,000 mark, while several altcoins, such as Wormhole (W), DIONE, and Magnetix (MAG), experience substantial double-digit gains in the last 24 hours.
Wormhole (W) has surged by 41.7% within the past day, trading at $0.1218 after hitting a low of $0.08551. The token’s upward trend is not limited to the daily time frame, reflecting nearly 40% growth over the last week.
One user on X highlighted that Wormhole has become one of the most active interoperability platforms, handling around 200,000 messages and generating about $40 million in daily volume.
The platform has a total value locked (TVL) of $2.5 billion.
Despite W’s prior decline from $1.40 to its current level, the present upward trend suggests that Wormhole could approach a target of $1.90.
The recent breakout in the RSI on the daily chart is an encouraging sign, according to an observer.
Wormhole is presently down 92.8% from its all-time high of $1.66.
Another member of the crypto community on X, gemxbt, discussed W’s bullish breakout and highlighted robust positive price movements. The analyst noted significant support around $0.0800 and resistance near the recent high of $0.1100.
Despite the RSI indicating potentially overbought conditions with a reading above 70, the MACD points towards continued upward price action.
Meanwhile, another notable gainer, DIONE, has risen by 33.2% in the last 24 hours, climbing from $0.002676 to $0.003602.
This surge adds to DIONE’s impressive performance, highlighting a 70% increase over the past week and 95% in the last month.
The current rally aligns with DIONE’s upcoming “Week 4 FOMO” event, set to take place from March 24 to March 28, which has generated heightened buying interest in anticipation of the launch.
The third coin making waves is Magnetix, which has seen a 25.5% rise in the past day, moving from $0.028 to $0.03515.
MAG’s recent performance has been exceptionally robust, reflecting a 150% increase over the past week.
This Solana (SOL)-based meme coin recently secured a spot on Binance’s top 100 new cryptocurrencies list. Additionally, MAG reached a new all-time high of $0.03575 today, with a market capitalization of $35 million.