Market
Altcoins to Watch This October
Uptober is just around the corner. Crypto traders are eagerly anticipating the market’s usual rally at this time of year.
As the market prepares for a potential surge, BeinCrypto has compiled a list of altcoins you should keep an eye on this October.
Celestia (TIA)
TIA tokens worth $1.1 billion will be unlocked on October 31. These tokens are allocated to the project’s original core contributors, research and development efforts, Series A, Series B, and seed round investors.
Generally, a large influx of tokens into the market could lead to increased selling pressure. If the market is already bearish or experiencing a general downturn, the token unlock could worsen the situation.
Read more: 10 Best Altcoin Exchanges In 2024
Currently, TIA enjoys a significant bullish bias from market participants. It trades at $6.42, noting a 10% surge over the past week. The rally is expected to continue through October toward $12.47, fueled by the excitement around Celestia’s just-concluded $100 million funding round.
However, if the excitement plummets as the token unlock nears, TIA’s price may drop to shed its gains and fall to $3.72.
Uniswap (UNI)
One reason why UNI should be on your watchlist for October is the potential launch of Uniswap V4 in the last quarter of the year. This iteration of decentralized exchange (DEX) introduces several key features, including “hooks” for customizable liquidity pools, singleton contracts for reduced gas fees, flash accounting for efficient transactions, and more.
Read more: How To Buy Uniswap (UNI) and Everything You Need To Know
Sponsored
The anticipation of this upgrade could propel UNI’s price in October. At press time, the altcoin trades at $7.46, noting a 28% uptick in the last month. If the market’s upward trend is maintained, UNI may attempt to breach the critical resistance level of $9.42.
Sei (SEI)
Sei has been in the news lately as its native coin, SEI, continues to record new highs. At a current price of $0.45, SEI ranks as the third fastest-growing altcoin among the top 100 by market cap over the past week. During that period, its price has surged by 32%.
An assessment of its bull/bear power reveals that the bullish sentiment in the market is significant. This is evidenced by its positive Elder-Ray Index, which measures the strength of buyers and sellers in the market. At press time, this is 0.16, indicating that buying pressure is high.
However, for traders looking to profit from the rally, it is key to point out that SEI may witness a price reversal in October. Readings from its Relative Strength Index (RSI), which is 73.36, signal that the altcoin is overbought.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
RSI measures an asset’s overbought or oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that an asset is overbought and due for a correction, while values below 30 signal that the asset is oversold and may soon see a rebound.
A correction in SEI’s price may see it trade at $0.20 in October. However, if demand continues to enter the market, the coin’s price may extend its gains by another 70%, although this is unlikely.
Ripple (XRP)
There is ongoing speculation that the US Securities and Exchange Commission (SEC) will appeal against Judge Analisa Torres’ July 13 decision in the Ripple case. The deadline for filing such an appeal is October 7. If the regulator goes ahead with the same, XRP may lose some of its recent gains.
An SEC appeal will likely increase XRP’s selling pressure. Market sentiment toward the altcoin may shift from bullish or neutral to negative as a result.
Read more: Everything You Need To Know About Ripple vs SEC
If this happens, XRP’s price may drop by 21% to trade at support floor formed at $0.46. However, if no such appeal is filed, the token may continue its uptrend and rally by another 26% to exchange hands at $0.74.
Fantom’s upcoming Sonic upgrade has driven FTM’s rally throughout this month, with momentum expected to carry into October. Set to launch on the mainnet in November, the upgrade will significantly boost the network’s performance by introducing the new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and the Carmen database storage system.
Read more: 9 Best Fantom (FTM) Wallets in 2024
As excitement builds for the mainnet launch, FTM’s price could climb to $1.02, potentially paving the way for it to reach a five-month high of $1.23.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.