These Are the Top 3
The post These Are the Top 3 appeared on BitcoinEthereumNews.com.
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. Read more: Best Crypto Exchanges With the Lowest Trading Fees Dogecoin Daily Price Analysis. Source: TradingView 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…
Filed under: News - @ October 20, 2024 2:03 am