Biggest Altcoin Gainers of the Third Week of October 2024
Several cryptocurrencies saw impressive gains this week, with some emerging as the biggest altcoin gainers. This performance outpaced the inconsistent movements seen during the second week.
The biggest movers include Dogecoin (DOGE), Worldcoin (WLD), and Ethena (ENA). In this analysis, BeInCrypto examines the factors behind these altcoins’ significant movements and assesses whether their rallies are likely to continue.
Dogecoin (DOGE)
Dogecoin led the biggest altcoin gainers with the highest price increase, surging by 31.60% this week. One key driver behind this rally was the activity of crypto whales. At various points during the week, these whales accumulated large amounts of DOGE, creating significant buying pressure that boosted the coin’s value.
Tesla CEO Elon Musk also played a key role in Dogecoin’s surge. Throughout the week, Musk, a vocal supporter of Donald Trump’s presidential ambitions, repeatedly mentioned the potential creation of a Department of Government Efficiency (D.O.G.E) if Trump wins the presidency.
Since the acronym aligns with Dogecoin’s ticker and Musk has been a long-time advocate of the cryptocurrency, the price naturally saw a significant jump. It also reached $0.14 for the first time since July.
From a technical standpoint, Dogecoin’s surge was driven by a breakout from a descending triangle pattern, which forms when a falling trendline meets horizontal support. Instead of breaking down and declining, DOGE defied expectations by rising above the pattern, fueling its upward movement.
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Additionally, the “golden cross,” where the 20-day Exponential Moving Average (EMA) crosses above a longer-term moving average, further accelerated the price upswing.
If the current bullish trend continues, Dogecoin’s price could climb to $0.17 in the coming days. In an extremely bullish scenario, DOGE might even reach $0.20.
However, if long-time holders decide to lock in gains, this upward prediction could be invalidated, leading to a potential price decline. In such a case, Dogecoin may drop to $0.12.
Worldcoin (WLD)
Worldcoin is second on the list of the best performing altcoins. This week, WLD posted 27.30% gains, driven by increasing interest from investors. The surge in Worldcoin’s price can be attributed to its rebranding to “World” and the launch of a Layer-2 called “World Chain.”
As of this writing, Worldcoin is trading at $2.50, though it remains 79% down from its all-time high. The recent price rise followed strong support at $2.10, where bulls defended the level, signaling confidence in the asset. Additionally, the increase in the Relative Strength Index (RSI) reflects growing bullish momentum, further supporting the upward movement.
If the buying pressure continues, Worldcoin may encounter resistance at the $2.95 mark. Should it break through this level, the altcoin could surge as high as $4.94. However, if it fails to overcome the overhead resistance, there is a risk of a pullback to below $2.
Ethena (ENA)
Ethena has emerged as one of the biggest altcoin gainers this week, primarily due to the launch of its synthetic-dollar protocol, USDe, on the Solana blockchain. This development has driven ENA’s price up by 24.30%, bringing it to $0.41.
On the daily chart, the Moving Average Convergence Divergence (MACD) indicator has turned positive, signaling bullish momentum. A positive MACD indicates that the price may continue to rise. If this momentum is sustained, ENA could potentially reach $0.70 in the short term.
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However, traders should be cautious of the $0.50 resistance level; failure to break through this barrier could invalidate the bullish outlook. In such a case, the altcoin might see a decline below $0.35.
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