The first month of Q4 2024 was expected to bring about the altcoin season. While the market is far from experiencing it, certain altcoins are still making waves for reasons beyond just investors’ sentiment.
BeInCrypto has analyzed three such tokens that should be on your watchlist this week ahead of their crucial developments.
Worldcoin (WLD)
Worldcoin is capturing the attention of crypto enthusiasts this week with the anticipated launch of World Chain, its new blockchain designed to enhance digital identity and security. This development has stirred interest in the altcoin.
Currently, Worldcoin faces a significant resistance level at $2.46. However, with the rebranding to “World” and the launch of World ID 3.0, there is potential for the coin to rally. If it breaks past this barrier, the price could rise toward $3.00, marking a 21% increase. This would signify strong market confidence in the project’s new direction.
Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030
On the downside, a pullback could be imminent if Worldcoin fails to breach the $2.46 resistance level. A drop below this level could push the price down to $2.11, erasing recent gains and invalidating the current bullish outlook.
Cardano (ADA)
Cardano is set to unlock 18.53 million ADA tokens this week, valued at over $6.5 million. Token unlocks typically signal a bearish trend as they increase the supply, often outpacing demand. However, Cardano’s previous token unlock on October 17 saw a surprising 7% price increase, which has raised expectations that the altcoin could see a similar boost this time around.
If history repeats itself, this could help ADA breach the $0.371 resistance level. A successful breakout could push the price toward $0.400, suggesting renewed bullish momentum for Cardano.
However, if Cardano fails to break the $0.371 barrier, it may continue its current consolidation phase, remaining above the $0.339 support level. This sideways movement reflects market indecision, keeping ADA in a holding pattern until traders take more decisive action.
Dogecoin (DOGE)
While Dogecoin does not have any significant external developments scheduled for the near future, it is benefiting from the growing market interest in meme coins. This renewed enthusiasm in the broader crypto space has given DOGE a solid boost, aligning it with the current trend of speculative meme coin trading.
Dogecoin has seen a 33% increase over the past week and is expected to continue its upward trajectory. Should the price stay above $0.147, DOGE could experience an 18% increase, testing the resistance at $0.176. A breakout at this level would mark a six-month high.
Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?
However, meme coin holders often opt for profit-taking when prices rise. If Dogecoin experiences a wave of selling, the price could face a steep decline, potentially dropping to $0.130. Such a drawdown would invalidate the current bullish outlook and bring DOGE back into a consolidation phase.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/altcoins-to-watch-in-the-fourth-week-of-october/