5 Altcoins To Watch Ahead of US Elections

Key Insights

• The upcoming US election is expected to majorly affect the crypto market before, within, and after Tuesday.

• Several altcoins, such as Immutable (IMX), Apecoin (APE), MAGA, ZCash (ZEC), and Dogecoin (DOGE), are showing strong potential.

• For investors who don’t mind major risk, MAGA has some potential to deliver.

• Dogecoin is in the middle of a slow and steady grind upwards and could be wildly bullish towards $0.2 this week.

It's US election week! While the US is a single country out of nearly two hundred, political and economic events within its borders often affect worldwide crypto behavior.

With this in mind, smart investors know to prepare for some ups and downs on and around Tuesday.

Donald Trump who is seen as more pro-crypto than Kamala Harris could drive the price of crypto up if announced president. Or…

The whole thing could be a sell-the-news event, and crypto could crash altogether regardless of who wins.

With all this being said, investors should be more prepared for volatility now than ever.

Bitcoin trades well above $68,000 at the time of this writing, and things look a bit shaky—for now.

Here are some of the biggest altcoin opportunities to keep an eye out for as the elections approach.

1. Immutable (IMX)

Immutable has had a pretty rough week.

The cryptocurrency crashed by nearly 15% within 24 hours during the week after the SEC served its parent company with a Wells Notice.

This puts Immutable among others, including Uniswap and OpenSea, with possible investigations from the US watchdog.

Immutable is doing well at the time of writing, with a 1% price increase over the last 24 hours.

However, it is still showing signs of the mid-week correction and is currently nursing a 20% decline.

But what if this was a great buy-the-dip opportunity for investors?

According to the chart shown above, the cryptocurrency is attempting to establish support around the psychological $1 price level.

This means that investors have a price level to watch.

Suppose the incoming election volatility doesn't crash IMX below the $1 price level. In that case, we should see a spectacular comeback on the cryptocurrency, allowing it to reclaim most of the ground it lost over the week.

2. Apecoin (APE)

Apecoin is the complete opposite of IMX. While the latter’s price spent most of last week under the SEC’s boot, $APE nearly doubled in price between 20 and 21 October.

The cryptocurrency is currently on the weak side, down around 0.3% over the last 24 hours.

However, the charts beg the question: What if APE isn’t done “doubling in price”?

The chart illustration above shows that the cryptocurrency is currently attempting to hold itself around the $1 mark.

It is attempting to leverage its 25-day moving average for another comeback.

According to the charts, should the $1 mark break, the 99-day EMA around $0.87 is the last resort.

Investors should plan take-profit and stop-loss orders accordingly in preparation for the storm.

3. MAGA

This list wouldn’t be complete without a politically themed memecoin—for investors who don’t mind some risk, that is.

Investors should keep in mind that MAGA is only included because it is a top gainer over the weekly and daily timeframes and is perceived to have a direct affiliation with Donald Trump.

Investors should also note that as with all memecoins, MAGA can either jump or crash in price—regardless of the election outcome.

Over the weekend (as illustrated above), MAGA's price increased by a staggering 12%, which is wildly impressive compared to the general reddish tone of the entire market at the time of writing.

In the charts, we can see that after a particularly bearish week, MAGA is making a comeback.

The memecoin is using its 99-day EMA around $0.00015137 as leverage and is attempting to make a new higher high above its previous local top of $0.00003.

If this reclaim occurs, MAGA would have made a staggering 100% price increase—even if a breakout doesn't happen.

This goes (again) without saying that memecoins are incredibly volatile assets and should only be approached with a thorough understanding of the risks.

4. ZCash (ZEC)

ZCash is one of the top gainers across the top 500 cryptocurrencies.

The cryptocurrency has been up nearly 9% over the last week despite a 2% decline in the previous 24 hours.

According to the charts, ZCash has been on this bullish journey for months, as shown by the multi-month ascending trendline illustrated in the chart below:

The chart also shows that the cryptocurrency is trading above its 25—and 99-day EMAs, which are around $36 and $33, respectively.

This places great promise on the ability of this cryptocurrency to deliver strong returns this week.

However, given the current situation, investors should monitor what happens around this $36 and $33 price level.

A break below would likely cause a retest of the $30 mark.

5. Dogecoin (DOGE)

Given its massive intra-day crash with the rest of the market, Dogecoin seems like an unlikely addition to this list.

However, the memecoin is still going strong on the weekly timeframe and is up by around 6%.

Dogecoin's journey over the last few weeks has been marked by a series of sharp price spikes upwards, followed by a sharp decline, before a rinse and repeat.

It so happens that Dogecoin is in the middle of one of these strong price declines and should be ready to rebound any minute now.

As shown above, the 25-day EMA around $0.142 appears ready to catch the cryptocurrency and is supported by the 99-day EMA around $0.124.

This means that a Dogecoin rebound will likely come from either of these moving averages and push the cryptocurrency into new highs.

In the event of a Dogecoin comeback, a retest of the $0.2 price level wouldn't be far-fetched by any means.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.