It is expected that the altcoin season will start in the first month of the fourth quarter of 2024. The market has not yet experienced this situation, but some altcoins are still attracting attention for reasons beyond just investor sentiment.
BeInCrypto has analyzed three tokens that should be watched this week as they face important developments.
Worldcoin (WLD)
Worldcoin is attracting the attention of cryptocurrency enthusiasts this week. A new blockchain called World Chain is scheduled to be launched, designed to enhance digital identity and security. This development has sparked interest in altcoins.
Currently, Worldcoin is facing a crucial resistance level of $2.46. However, the rebranding to "World" and the launch of World ID 3.0 may lead to an increase in the coin's price. If this barrier is broken, the price can rise to $3.00, which represents a 21% increase. This indicates strong market confidence in the new direction of the project.
Read more: Worldcoin (WLD) Price Prediction 2024/2025/2030
On the other hand, if Worldcoin fails to break the $2.46 resistance level, a price decline may be imminent. Falling below this level could push the price down to $2.11, erasing the recent uptrend and invalidating the current bullish outlook.
Cardano (ADA)
Cardano is scheduled to unlock 18.53 million ADA tokens this week, worth over $65 million. Token unlocking generally suggests a bearish trend as supply exceeds demand. However, the token unlocking on October 17th last month surprisingly saw a 7% price increase, raising expectations that altcoins may see similar gains this time as well.
If history repeats itself, this could help ADA break through the $0.371 resistance level. A successful breakout could push the price to $0.400, suggesting renewed bullish momentum for Cardano.
However, if Cardano fails to break the $0.371 barrier, it may continue the current consolidation phase and move above the $0.339 support level. This sideways movement reflects market uncertainty, with traders holding ADA in a wait-and-see mode until more decisive action is taken.
Dogecoin (DOGE)
Dogecoin does not have any significant external developments planned in the near future, but it is benefiting from increased market interest in meme coins. This renewed enthusiasm is providing a solid uptrend for Dogecoin, aligning with the current speculative meme coin trading trend.
Dogecoin has increased by 33% in the past week and is expected to continue its upward momentum. If the price maintains above $0.147, DOGE could increase by 18% and test the $0.176 resistance. A breakout at this level would mark a new six-month high.
Read more: Dogecoin (DOGE) vs. Shiba Inu (SHIB): What's the Difference?
However, meme coin holders often choose to realize their gains when the price rises. If Dogecoin experiences selling pressure, the price could drop sharply and fall to $0.130. Such a decline would invalidate the current bullish outlook and push Dogecoin back into a consolidation phase.
