Biggest Altcoin Movers during the Third Week of October 2024
In the third week of October 2024, several altcoins experienced significant gains, making them the biggest altcoin gainers during this period. These coins, namely Dogecoin (DOGE), Worldcoin (WLD), and Ethena (ENA), outperformed the market’s inconsistent movements witnessed in the previous week.
Leading the pack, Dogecoin saw a remarkable surge of 31.60% in price. The driving force behind this rally was the activity of crypto whales, who accumulated substantial amounts of DOGE, creating significant buying pressure and subsequently boosting its value. Additionally, Tesla CEO Elon Musk’s repeated mentions of a potential “Department of Government Efficiency” (D.O.G.E) supported Dogecoin’s surge, given Musk’s longstanding advocacy for the cryptocurrency. From a technical standpoint, Dogecoin’s breakout from a descending triangle pattern and the occurrence of a “golden cross” further fueled the coin’s upward movement. If the bullish trend continues, Dogecoin’s price could reach $0.17 or even $0.20, but profit-taking by long-time holders could potentially invalidate this prediction and lead to a decline towards $0.12.
Worldcoin, the second-best performing altcoin, saw a gain of 27.30% driven by increasing investor interest. The altcoin’s rebranding to “World” and the launch of its Layer-2 solution, “World Chain,” contributed to the surge in price. Currently trading at $2.50, Worldcoin remains significantly below its all-time high but has shown strong support at $2.10. The Relative Strength Index (RSI) also reflects growing bullish momentum, suggesting further upward movement. If buying pressure persists, Worldcoin may face resistance at $2.95, potentially pushing its price to $4.94. However, failure to overcome this resistance could result in a pullback below $2.
Ethena emerged as one of the top altcoin gainers due to the launch of its synthetic-dollar protocol, USDe, on the Solana blockchain. This development propelled ENA’s price by 24.30% to $0.41. The Moving Average Convergence Divergence (MACD) indicator turning positive on the daily chart indicates bullish momentum, potentially allowing ENA to reach $0.70 in the short term. Nevertheless, traders should exercise caution around the $0.50 resistance level, as failure to break through it may lead to a decline below $0.35 for the altcoin.
Overall, the third week of October 2024 showcased significant gains for these altcoins, driven by various factors such as whale activity, influential endorsements, rebranding and product launches. While the momentum appears positive, market dynamics and profit-taking by investors could still impact these altcoins’ future performance.