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Amid the broader market uncertainty, altcoins have been facing a steeper correction recently. However, some sectorial bets like Dogecoin (DOGE), Ethereum (ETH), and Polygon (POL) could be gearing for a strong rally ahead this week. These three cryptos have been showing major strength on their technical charts, which could possibly lead to a potential breakout.
DOGE Leads the Altcoin Market
Dogecoin has witnessed strong gains in the last 24 hours, with the DOGE price surging 4.5% trading at a price of $0.1443 and a market cap of $21.146 billion. With this, the world’s largest memecoin has almost recovered its last week’s drop, while reporting 14.55% gains on the monthly chart.
Popular crypto analyst Ali Martinez shows that the Dogecoin price is forming a flag and pole pattern on the charts. Thus, a breakout above $0.1443 can further trigger another 25% gains for the meme coin.
If #Dogecoin $DOGE breaks above the $0.143 resistance, we could see a 25% rally up to $0.175! pic.twitter.com/n06ZYKvrCT
— Ali (@ali_charts) October 27, 2024
Another reason behind today’s surge in Dogecoin price is that Elon Musk posted a photo of him from a Trump rally, along with an image of DOGE. This has led the altcoin to surge even higher. Musk has previously proposed the Department of Government Efficiency (D.O.G.E) in the Trump administration while teasing the meme coin.
— Elon Musk (@elonmusk) October 28, 2024
Meme Coin Alternatives. Set for Rally – ETH and POL
Additionally, there are other meme coin alternatives like Ethereum (ETH) and Polygon (POL) that investors should keep on their radar. Investors have been losing hope over Ethereum amid its poor performance and the ETH/BTC pair hitting multi-year lows.
Over the past week, the Ethereum price has tanked by nearly 10% slipping under $2,500. However, as long as the ETH price sustains above $2,400, the gates remain open for a rally to $6,000.
#Ethereum is testing a key support zone at $2,400. If this level holds, we might see $ETH aiming for the channel's upper boundary near $6,000! pic.twitter.com/W8J8WVy5CL
— Ali (@ali_charts) October 26, 2024
On the other hand, top market players have started dumping ETH showing a greater preference for Solana. But on-chain metrics suggest positive development for ETH. Crypto analyst Ali Martinez reports a significant Ethereum (ETH) outflow from crypto exchanges, with over 300,000 ETH—worth approximately $750 million—withdrawn in the past week. This large-scale movement suggests potential shifts in investor strategy. Moreover, substantial withdrawals show a trend of long-term holdings instead of selling off.
One more altcoin to watch for this week per analyst Ali Martinez is Polygon’s POL. Martinez noted that the downside for POL looks limited at 15% with a stop-loss set at $0.28. However, he believes that there’s huge potential for a significant upside in POL price.
His first price target stands at $0.89, indicating a potential 167% gain, while a long-term target of around $8 could deliver a 2,387% return.
I'm liking #Polygon $POL (formerly $MATIC) at this price. With a stop loss at $0.28, downside risk is 15%, but upside potential?
First target at $0.89 for a 167% gain, and second target around $8 for a 2,387% gain! pic.twitter.com/7PAhztx4h1
— Ali (@ali_charts) October 27, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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