5 Altcoins to Watch in October 2023
In the upcoming month, five altcoins have been highlighted (Ethereum, Flare, Optimism, Hedera, and Radiant) that could potentially make noticeable movements in October 2023. Here’s a brief on the potential catalysts and price actions for each:
Ethereum (ETH)
- Catalyst: The potential launch of an Ethereum ETF.
- Price Action: The price recently broke a descending resistance trendline, signaling a potential uptrend.
- Note: An RSI (Relative Strength Index) above 50 and a bullish divergence indicate a potential continuation of the bullish trend.
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Flare (FLR)
- Catalyst: An airdrop claim scheduled on October 13, which will increase the token’s supply.
- Price Action: The price has historically fallen around airdrop times, potentially due to an increase in token supply, and is currently trading at an all-time low.
- Note: A breakout from the descending resistance line might induce a 40% price increase, but this is considered unlikely at the moment.
Optimism (OP)
- Catalyst: A vote on October 12 to determine the approval of a new Mainnet security model as part of decentralizing the network further.
- Price Action: Price has tried but failed to break a descending resistance trendline, which has been in place since February.
- Note: Depending on the direction after the trendline, a positive breakout might lead to a 33% price increase, while a downward move could see it drop to its ascending support line.
Hedera (HBAR)
- Catalyst: A community meeting, “Hello Future”, is scheduled from October 6-8, which could bring about important announcements or insights.
- Price Action: The price has been increasing and might meet resistance at $0.056.
- Note: A breakout above this resistance could see a 30% rise to $0.067, while a rejection might induce a 16% drop to $0.042.
Radiant (RXD)
- Catalyst: The Mainnet launch on the Ethereum network on October 3.
- Price Action: Following a bounce and rejection at resistance, it’s created a higher low, maintaining above its previous low point.
- Note: An attempt to reach resistance at $0.0017 could see a 25% increase, while a drop could mean a decrease of 20%.
Conclusions
While these insights provide a snapshot of potential movements based on historical and upcoming events, it’s crucial to note that investing in cryptocurrencies always comes with risks. Always ensure to do thorough research and/or consult with a financial advisor before making investment decisions.
