3 Altcoins to Watch in the Fourth Week of October 2024
The first month of Q4 2024 was expected to bring the altcoin season. While the market is still far from experiencing that, some altcoins are still making waves for reasons beyond just investor sentiment.
BeInCrypto has analyzed three of these coins that should be on your watchlist this week ahead of their crucial developments.
WorldCoin (WLD)
Worldcoin is catching the attention of crypto enthusiasts this week with the expected launch of the World Network, a new blockchain designed to enhance digital identity and security. This development has sparked interest in the altcoin.
Currently, Worldcoin is facing a major resistance level at $2.46. However, with the rebranding to “World” and the launch of WorldID 3.0, there is potential for the coin to rise. If it clears this hurdle, the price could surge towards $3.00, indicating a 21% increase. This would indicate strong market confidence in the new direction of the project.
On the other hand, a pullback could be imminent if Worldcoin fails to break the $2.46 resistance level. A drop below this level could push the price to $2.11, erasing the recent gains and invalidating the current bullish outlook.
Cardano (ADA)
Cardano is set to launch 18.53 million ADA tokens this week, worth over $6.5 million. Token launches typically signal a bearish trend as supply increases, often outpacing demand. However, Cardano’s previous token launch on October 17 saw a surprise 7% price surge, raising expectations that the altcoin could see a similar surge this time around.
If history repeats itself, it could help ADA break through the $0.371 resistance level. A successful breakout could push the price towards $0.400, indicating renewed bullish momentum for Cardano.
However, if Cardano fails to break the $0.371 barrier, it may continue the current consolidation phase, holding the $0.339 support level. This sideways movement reflects the indecisiveness in the market, keeping ADA in a waiting pattern until traders take more decisive action.
Dogecoin (DOGE)
While Dogecoin doesn’t have any major external developments planned 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 boost, keeping up 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. If the price stays above $0.147, DOGE could see an 18% increase, testing resistance at $0.176. A break above this level would mark a six-month high.
However, meme coin holders often choose to take profits when the price rises. If Dogecoin experiences a wave of selling, the price could face a sharp decline, possibly reaching $0.130. Such a decline would invalidate the current bullish outlook and put DOGE back into a consolidation phase.
