3 Potential But “Silent” Altcoins That Could Increase in Price in October 2024

avatar
BeInCrypto Việt Nam
09-30
This article is machine translated
Show original
October is usually a month with a tendency for the cryptocurrency market to rise. Therefore, retail investors may look for promising Altcoins that can bring significant profits in October. These lesser-known cryptocurrencies sometimes have a solid foundation and increasing community support, making them worth monitoring. Therefore, this analysis will reveal 3 promising but quiet Altcoins showing signs of a strong price surge in October. #1. Echelon Prime (PRIME) PRIME, the native Token of the decentralized finance and gaming Web3 project, tops the list. One reason for its inclusion is the assessment that gaming Tokens may be one of the prominent trends in the coming month and the rest of the year. Built on the Ethereum blockchain, the price of PRIME has increased by 35.39% in the past 30 days, with most of the gains coming from the recent Token Lockup. Furthermore, examining the addresses by time held shows that many investors who have held the Token for the past month to 365 days have not sold. This suggests they are highly confident in its short-term to long-term potential, and PRIME may not undergo a significant price correction. On the daily chart, the price of PRIME has risen above $12 on September 28th. This surge can be attributed to a breakout from a descending triangle, as lower highs were formed, and a horizontal support level was established. The price of PRIME has since dropped to $10.20. However, the Money Flow Index (MFI) indicates that a significant amount of Capital is still flowing into this Altcoin. Therefore, a substantial recovery from the current price levels may occur. If that happens, the value of PRIME could increase by 70% in October, potentially reaching $17.25 before the month ends. On the other hand, the price of the Altcoin may face a significant decline if it drops below $10.17. In that case, the price could drop to $8.07. #2. Celo (CELO) Celo is ranked as the 159th largest cryptocurrency by market capitalization. It is built on Ethereum and focuses on real-world stablecoin applications. On September 25th, Ethereum co-founder Vitalik Buterin praised Celo for surpassing TRON in stablecoin activity. This development implies increased user engagement on the Ethereum Layer 2 project. Additionally, the digital asset management firm Grayscale has added CELO to the list of Altcoins they expect to perform well in the final quarter of this year. Based on the daily chart, the price of CELO has increased by more than 50% in less than two weeks after forming an inverse head and shoulders pattern. This technical pattern is a reversal from a downtrend to an uptrend, often leading to a significant price increase. At the time of writing, the price of CELO is $0.64. However, as seen in the uptrend, this dip may only be a short-term correction, and a recovery could occur in the coming days. Once confirmed, CELO could rise by nearly 36% and reach $0.87 in October. However, if the price of CELO drops below $0.60, it may end the month with a decline. #3. Aethir (ATH) As a DePIN project, Aethir (ATH) improves the distribution of AI chips. With its structure, ATH is also a gaming Token, reinforcing the view that AI Tokens, as well as gaming Altcoins, may perform well in October. Interestingly, the former CEO of BitMEX, Arthur Hayes, also seems to share a similar perspective, particularly after he sold other Altcoins to buy this Token. Based on the daily chart, the 20-day Exponential Moving Average (EMA) - in green - has crossed above the 50-day EMA (in yellow) for the first time in a while. EMAs measure the trend direction. When the longer EMA crosses above the shorter EMA, the trend is considered bullish. Therefore, the current situation (golden cross) with ATH trading at $0.065 means the Altcoin's trend is upward. Although there has been a recent price decline, the formation of the golden cross suggests the price of ATH could return to a northward direction. If that occurs, the price of ATH could rise to $0.090 in the coming month. Conversely, the price of Aethir could drop to $0.053 if the 50-day EMA crosses above the 20-day EMA once again, invalidating the bullish prediction. Join the BeInCrypto community on Telegram to learn about technical analysis, discuss cryptocurrencies, and get answers to all your questions from our experts and professional traders.

Sector:
Layer 1
Smart Contracts
Zero Knowledge Proofs
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
3
Add to Favorites
1
Comments
Relevant content