The altcoin market may be poised for a rebound, with Dogecoin (DOGE), Ethereum (ETH), and Polygon’s POL indicating a strong breakout on technical charts.
Altcoin Highlights:
– Dogecoin leads the altcoin space, aiming for a 25% rally following a potential breakout.
– Approximately 300,000 ETH, valued at $750 million, were withdrawn from exchanges, suggesting strong holding sentiment.
– Analyst Ali Martinez forecasts Polygon’s POL could see long-term growth, potentially rallying to $8, marking a 2,387% increase.
After a recent correction, altcoins like DOGE, ETH, and POL show promising chart formations, indicating a potential rally in the near term.
Dogecoin Drives Altcoin Momentum:
Dogecoin saw significant gains, with a 4.5% increase to $0.1443 and a market cap of $21.146 billion. It has regained losses from the previous week, showing a 14.55% monthly gain. According to analyst Ali Martinez, Dogecoin’s chart reveals a flag-and-pole pattern, suggesting a breakout above $0.1443 could spur another 25% rally. DOGE’s recent price boost followed Elon Musk’s tweet from a Trump rally, featuring a DOGE image, adding further momentum.
Other Notable Altcoins: ETH and POL:
Ethereum and Polygon are other strong contenders for a potential rally. Ethereum, which dropped nearly 10% to below $2,500 recently, remains a watch if it holds above $2,400. This level could pave the way for a move toward $6,000.
Additionally, Martinez reports significant Ethereum outflows from exchanges—300,000 ETH valued at roughly $750 million—hinting at increased holding interest.
Polygon’s POL is another altcoin worth tracking, according to Martinez. He suggests limited downside for POL with a stop-loss at $0.28. If POL hits his first target of $0.89, it could see a 167% increase, with a long-term projection to $8 delivering potential 2,387% gains.
