Altcoin News: DOGE, ETH, and POL Prepare for Major Rally This Week

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As a seasoned crypto investor with a knack for spotting trends and reading charts, I find myself intrigued by the current state of the market. The recent correction in altcoins has been a bumpy ride, but I see some promising opportunities on the horizon. Dogecoin (DOGE), Ethereum (ETH), and Polygon (POL) are three cryptos that have caught my eye this week due to their technical strength and potential for a strong rally.

Despite the wider market instability, alternative cryptocurrencies are experiencing a more pronounced downturn as of late. Yet, certain specialized picks such as Dogecoin (DOGE), Ethereum (ETH), and Polygon (POL) may be poised for a robust surge in the coming days. These three digital currencies have been displaying significant resilience on their technical analysis charts, potentially indicating a forthcoming breakout.

DOGE Leads the Altcoin Market

In the past 24 hours, Dogecoin has experienced significant growth, as the price of DOGE increased by about 4.5%, currently standing at $0.1443. This surge brings its market capitalization to an impressive $21.146 billion. As a result, the world’s most popular meme-based cryptocurrency has come close to regaining its losses from last week. On a monthly scale, Dogecoin is reporting notable gains of 14.55%.

According to well-known cryptocurrency expert Ali Martinez, it appears that Dogecoin’s price could be following a ‘flag and pole’ pattern on its charts. If this pattern holds true, then breaking above the $0.1443 mark might lead to an additional 25% increase in value for the popular meme coin.

If #Dogecoin $DOGE breaks above the $0.143 resistance, we could see a 25% rally up to $0.175!

— Ali (@ali_charts) October 27, 2024

One factor contributing to the recent increase in Dogecoin’s price is that Elon Musk shared a photo from a Trump rally, accompanied by an image of DOGE. This has caused the altcoin to climb even further. Previously, Musk had suggested the Department of Government Efficiency (D.O.G.E) within the Trump administration and playfully hinted at the meme coin.

— Elon Musk (@elonmusk) October 28, 2024

Meme Coin Alternatives. Set for Rally – ETH and POL

As a crypto investor, I would also recommend exploring other popular meme coin alternatives like Ethereum (ETH) and Polygon (POL). Despite recent disappointments surrounding Ethereum due to its underperformance and the ETH/BTC ratio reaching new lows in years, it’s essential not to lose hope. These projects could potentially offer promising opportunities for growth in the future. Keeping a close eye on their developments may prove beneficial in the long run.

Over the last seven days, Ethereum’s value has dropped by almost 10%, falling below the $2,500 mark. Yet, if Ethereum maintains its price above $2,400, it could potentially surge towards $6,000.

Ethereum is currently testing a significant support area at around $2,400. If this level manages to hold, Ethereum could potentially rise towards the upper limit of its channel, approximately $6,000!

— Ali (@ali_charts) October 26, 2024

Meanwhile, it appears that major market participants are favoring Solana over Ethereum (ETH) by offloading ETH. However, on-chain data indicates positive progress for ETH. As reported by crypto analyst Ali Martinez, there has been a significant withdrawal of around 300,000 ETH, equivalent to approximately $750 million, from cryptocurrency exchanges within the past week. This massive transfer could indicate changes in investment tactics among investors. Furthermore, these substantial withdrawals may indicate a tendency towards long-term holding rather than selling off.

As a researcher, I’m keeping a close eye on Polygon’s POL this week, following the analysis by Ali Martinez. He suggests that if POL were to experience a downturn, it might be limited to around 15%. His stop-loss level is set at $0.28. However, he is optimistic about the potential for a substantial price increase in POL.

Initially, his projected price reaches $0.89, suggesting a possible increase of 167%. Over the long term, if the price hits approximately $8, it would result in a significant gain of 2,387%.

I find the current value of Polygon (previously Matic) under the ticker symbol #Polygon $POL quite appealing. I’ve set a safety limit at $0.28 to minimize losses, representing a 15% downside risk. However, the possible upside remains promising.

First target at $0.89 for a 167% gain, and second target around $8 for a 2,387% gain!

— Ali (@ali_charts) October 27, 2024

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2024-10-28 09:20