The altcoin market is showing signs of recovery, with Dogecoin (DOGE), Ethereum (ETH), and Polygon’s POL gearing up for significant price rallies this week. Technical indicators suggest that these cryptocurrencies could be on the verge of major breakouts.
Dogecoin Leading the Charge
Dogecoin is currently leading the altcoin pack, having gained 4.5% in the last 24 hours, now trading at $0.1443 with a market capitalization of $21.146 billion. This surge has allowed the largest memecoin to nearly recover from a dip experienced last week, showing a 14.55% increase over the past month.
According to crypto analyst Ali Martinez, Dogecoin is forming a flag and pole pattern on its charts, indicating that a breakout above $0.1443 could trigger an additional 25% increase. This bullish momentum was further fueled when Elon Musk shared a photo from a Trump rally alongside an image of DOGE, which sparked increased interest and buying activity. Musk has previously mentioned the creation of the Department of Government Efficiency (D.O.G.E) under Trump, adding to the coin’s allure.
Ethereum and Polygon: Potential for Growth
Ethereum, meanwhile, has faced challenges recently, dropping nearly 10% in the past week and slipping below the $2,500 mark. However, as long as ETH remains above $2,400, there are expectations for a rally that could see it reach $6,000. Despite a trend of major players moving towards Solana, recent on-chain data indicates positive signs for Ethereum. Over 300,000 ETH, valued at around $750 million, have been withdrawn from exchanges in the past week, suggesting that investors are opting for long-term holdings rather than selling.
Polygon (POL) also presents an intriguing opportunity this week. Analyst Ali Martinez suggests that the downside risk for POL is limited, with a stop-loss set at $0.28. He posits a first price target of $0.89, which would represent a potential gain of 167%. More ambitiously, he forecasts a long-term target of approximately $8, which could yield an impressive 2,387% return.
As the altcoin market navigates recent corrections, the technical strength exhibited by DOGE, ETH, and POL may signal the beginning of a substantial rally in the coming days. Investors are advised to monitor these assets closely as they respond to both market dynamics and broader economic conditions.
Related topics:
Will Bitcoin Price Hit $92K If Trump Wins the Election?
SAFE Price Skyrockets 88% Following Major Exchange Listing
Bitcoin ETF Inflows Resume with $192.3M as BTC Rebounds from $65K
