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.
