With just 19 days until the US elections, significant inflows into ETFs are creating an exciting atmosphere in the market, signaling positive momentum. At TradeSanta, we decided to analyze the altcoin market to see which coins experts are focusing on and why. Currently, DOGE, LTC, and TIA are capturing the spotlight.
DOGE
At the time of publication on October 17, the price of Dogecoin was around $0.1337, up by 23% over the week. The main driver behind this growth was Elon Musk’s speech at a gathering on the same day, where he endorsed Donald Trump for the upcoming US presidential election. During the event, Musk proposed the creation of a government agency called the Department of Governmental Efficiency, which would have the initials D.O.G.E., aligning with Dogecoin’s ticker symbol. This announcement sparked increased interest and speculation around Dogecoin.
Trading firm InvestingScope highlighted in a note for TradingView that DOGE’s new bullish wave is gaining momentum. They explained that Dogecoin has begun to show signs of growth on the daily chart, with technical indicators such as RSI, MACD, and ADX indicating improvement. At the beginning of October, the price moved sideways without significant changes, forming a bottom. A similar bottom was observed in late August and September, during which time the price was supported by the 50-day moving average.
Over the past 10 weeks, an uptrend channel has been established, and on October 15, a candle on the chart confirmed the start of a new uptrend. Analysts expect Dogecoin’s price could rise by 43.58% from this bottom, with a target price of approximately $0.14450.
In addition, experts from Santiment recently highlighted a surge in transactions involving DOGE. On October 15, there were 732 such transactions, signaling a potential peak, which indeed occurred the following day.
Analysts point out that a steady flow of tokens can drive prices higher. But if the number of whale transactions continues to rise and surpasses the October 15 numbers, it could hint at an upcoming market correction, especially if everyday traders struggle to keep pace with the heavy buying activity.
Analyst Ali Martinez shared a chart suggesting that, while it may sound overly promising, compared to other predictions, Dogecoin’s price could reach $10 in a few years despite existing skepticism.
LTC
Litecoin has shown growth over the past week, rising by 11.59%. At the time of publication, LTC is trading at $72.61.
Notably, this upward movement was influenced by events on October 15, when Canary Capital Group, an investment firm specializing in digital assets and founded by former Valkyrie Funds co-founder Steven McClurg, submitted paperwork to launch the Canary Litecoin ETF. Following this news, the price of Litecoin (LTC) rose from $66 to $70 on the same day.
An analyst from Santiment, in the same altcoin report, highlights the significant increase in transaction volume over the past year. He notes that Litecoin’s transaction volume continues to rise without substantial declines, currently reaching nearly $4 billion per day — a significant figure for the cryptocurrency.
The analyst also points to the growth of social activity surrounding Litecoin, which peaked on July 4.
TIA
Celestia’s TIA has seen a slight increase of 10.24% this week, trading at $5.95 at the time of this article’s release.
According to analyst Michael van de Poppe, several altcoins are poised for a potential breakout, including TIA, which is currently facing a key resistance zone. If the price surpasses the $7 mark, it could trigger a rapid rally with a target of $12.
Trader @George also expresses cautious optimism for TIA, hoping for a strong daily close that would support further upward movement toward $7 over the weekend.
However, investors should be aware that 175.75 million TIA tokens, valued at $1.03 billion, will be unlocked on October 31. This significant unlocking could exert downward pressure on the TIA price if demand does not keep pace. As a result, investors must consider the potential market implications.
Given the recent market movements of coins like DOGE, LTC, and TIA, now could be the time to do research and consider these potential opportunities.
With TradeSanta, you can easily set up a bot for any of these coins. Whether you’re just starting or are a seasoned trader, you have the flexibility to create a custom bot tailored to your strategy or you can explore our marketplace for pairs featuring these coins. Just head over to your account to get started!
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