Date: Tue, July 29, 2025 | 11:15 AM GMT
The cryptocurrency market is undergoing a mild pullback after Ethereum (ETH) tested its multi-year resistance near $3,940 before slipping back to around $3,835. This retracement has weighed on several altcoins , with Wormhole (W) dipping 4% today, trimming its monthly gains to 13%.
Despite today’s decline, Wormhole is showing signs of a potential bullish reversal. A fractal pattern is emerging on its daily chart, one that closely mirrors the explosive breakout structure recently seen in Ethena (ENA).
Source: Coinmarketcap
Wormhole Mirrors ENA’s Breakout Setup
A comparison of Wormhole and ENA’s daily charts highlights a strikingly similar price trajectory. ENA recently broke out of a textbook falling wedge, reclaimed its 100-day and 200-day moving averages, and went on to surge 90% to the upside, hitting highs near $0.70.
ENA and W Fractal Chart/Coinsprobe (Source: Tradingview)
Now, Wormhole appears to be tracing the same path.
The token has already reclaimed its 100-day moving average and is approaching a breakout from its own falling wedge’s resistance trendline, similar to ENA’s setup prior to its sharp rally.
What’s Next for Wormhole?
However, to sustain this bullish trajectory, Wormhole must hold above its 100-day moving average. A decisive drop below this level could invalidate the bullish setup and potentially lead to further downside.
