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Can These Altcoins Reach New All-Time Highs in October 2024?
October has historically been a bullish month for altcoins and cryptocurrencies in general. With great momentum building, fueled by increasing demand and favorable market conditions, several altcoins are also inching closer to breaking their previous all-time highs.
This analysis highlights four altcoins set for explosive growth in the next months and how they can hit new all-time highs in October 2024. The list includes LayerZero (ZRO), Sui (SUI), Binance Coin (BNB), and MANTRA (OM).
LayerZero (ZRO)
LayerZero is a multichain interoperability protocol designed for cross-chain communication between blockchain networks. Its native token, ZRO, currently trades at $5.06, a 27.70% increase in the last 30 days.
ZRO’s price increase is linked to the project’s recent decision to reallocate unclaimed airdrops to active wallets. The action sparked a new wave of investors’ interest in the token, which is now 7.72% down from its all-time high of $5.57.
Due to this, LayerZero is one of the altcoins expected to surpass the previous peak in October. On the daily chart, ZRO’s price formed an ascending triangle, which saw the token hit higher lows, indicating a bullish momentum.
As seen above, the token has broken out of the triangle, reinforcing the bullish prediction. Furthermore, the Awesome Oscillator (AO), which measures momentum, has a positive reading, indicating that the uptrend is strong as the price aims to hit $5.60
Going into October, ZRO might surpass the threshold, with a potential 30% increase. If that happens, the altcoin might hit a new all-time high of $6.55. However, if altcoins fail to keep up with the recently found momentum next month, the token might decline to $4.39.
Sui (SUI)
Sui is another altcoin that could hit a new all-time high in October 2024. As of this writing, SUI’s price is $1.62, a 94.95% increase within the last 30 days. The altcoin’s performance could be linked to Grayscale SUI Trust, which the asset management firm launched some weeks back.
Beyond that, the token is also seeing notable demand, with some predicting that it is the Solana (SOL) of this cycle. Currently, SUI is 25% away from breaking its previous high. According to the daily chart, SUI’s attempt to retest $2 has been rejected due to resistance around $1.77.
However, the pullback has drawn the token to a support region close to $1.60 and could drive a rebound. In addition, the price is notably above the Ichimoku Cloud. This technical indicator shows if there is notable support or resistance.
When the cloud is above the price, there is strong resistance, and the price can decline. But since it is below SUI’s price, the chances of hitting a higher value are solid.
Read More: A Guide to the 10 Best Sui (SUI) Wallets in 2024
By the looks of things, SUI could increase by 40% in October, bringing the price to $2.25. However, this prediction might be invalidated if the token is rejected at $2.00. In that scenario, it could drop to $1.50.
Binance Coin (BNB)
The list of altcoins with the potential to reach a new high will be incomplete without BNB. Market participants, largely driven by the early release of ex-Binance CEO Changpeng Zhao, believe that the development confirms a bull market return.
As such, BNB’s price could gain massively from it. Today, the altcoin’s price is $602.20. Based on the daily chart, the coin was able to reclaim this zone after it broke out of the descending trendline on September 8.
However, despite the rise in the Chaikin Money Flow (CMF), the chart below shows that BNB is overbought. This is because the CMF reading reached 0.20, which signifies the condition mentioned above.
Due to this, BNB’s price might briefly decline. But before the end of October, the altcoin could surpass $700 and move to a new high near $725.
However, traders need to watch out. A lack of buying pressure next month might render this forecast invalid. In that case, BNB could drop to $564.
MANTRA (OM)
OM, the token of the Real World Assets project MANTRA, is fourth on this list. Interestingly, this is not the first time OM has appeared on the list of altcoins with the potential to hit a new all-time high. In August, the token was there.
At press time, OM’s price is $1.23, down $13% from its all-time high of $1.42. From a technical perspective, the token might be looking at a run toward $1.50. One reason for this bias is the Exponential Moving Average (EMA), which measures directional trends, and the anticipated MANTRA Mainnet launch.
As seen below, the 20 EMA (blue) crossed over the 50 EMA(yellow) on September 12. This crossover is termed a golden cross, signifying a bullish trend for the altcoins. Should this remain the case, OM’s price might breach the resistance at $1.29. With support at $1.22, the token could rise by 22% and hit $1.50.
Read More: 10 Best Altcoin Exchanges In 2024
However, if the EMA position changes with the longer one on the front foot, the altcoin might not hit a new all-time high. If that happens, MANTRA’s price could retrace to $1.05.
Disclaimer
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