3 Altcoins to Watch Before the October FOMC Meeting

Cryptocurrency markets are buoyant ahead of the Federal Open Market Committee (FOMC) meeting on October 28-29, as traders prepare for signals of a possible interest rate cut following a lower-than-expected US CPI report. The market has surged nearly 4% with Bitcoin and Ethereum showing positive signs.

As inflation eases and hopes of increased liquidation grow, attention has turned to these three altcoins to watch ahead of the FOMC meeting. If the Fed takes a dovish tone, these Token could move quickly.

Chainlink (LINK)

The first altcoin to watch ahead of the FOMC meeting is Chainlink (LINK), a chart that reflects both caution and potential. While LINK traded in a Falling Wedge pattern, which typically signals a bullish reversal, a hidden bearish divergence emerged from October 13 to 27.

The price made a lower high, but the Relative Strength Index (RSI), which tracks buying and selling pressure, made a higher high. This generally suggests that the broader downtrend could continue. Over the past month, LINK is down 10.2%, despite rising 6.8% over the past week.

The $17.08 level remains a strong support; a daily close below this level could trigger a 9% drop to $15.

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However, the story is not all negative. The Money Flow Index (MFI), which measures the flow of money into and out of assets, has been showing higher peaks since mid-October, meaning that buying on dips continues.

Meanwhile, Chaikin Money Flow (CMF), a measure of whale accumulation, just moved above zero, suggesting that large investors are starting to buy LINK again.

These mixed signals suggest that Chainlink is in a state of indecision, bearish pressure is fading, retail buying is increasing, and whale inflows are improving.

The tone of the FOMC could determine which side is in control, making LINK one of the top coins to watch this week, especially if the Fed cuts rates as expected.

Dogecoin (Doge)

The second altcoin to watch ahead of the FOMC meeting is Dogecoin (Doge). This is a Token that is on the verge of a potential breakout. The Dogecoin price has been trading sideways since October 11, fluctuating between $0.17 and $0.20 as traders wait for a trigger signal.

The key level to watch now is $0.21. A clear move above this level could trigger a 6% rally to $0.27, especially if risk appetite improves after a Fed rate cut.

The Wyckoff volume profile, which tracks the balance between buyers and sellers, shows a recent shift in control. From October 23 to 25, the histogram flipped from yellow (seller control) to blue (buyer control), suggesting that bulls have temporarily gained momentum.

But buying power has declined again, a sign of indecision, often seen in range-bound trading setups like Dogecoin's.

Adding to the intrigue, Dogecoin whales are quietly accumulating. Holders with balances between 100 million and 1 billion Doge have increased their supply from 28.87 billion to 29.04 billion Doge in the past 48 hours.

That's about $34 million worth of Token, showing early whale positioning ahead of the FOMC meeting .

The combination of new whale activity, neutral retail investor behavior, and a tight trading range makes Dogecoin one of the top coins to watch as the market prepares for the Fed’s next move.

Zcash (ZEC)

The final altcoin to watch ahead of the FOMC meeting is Zcash (ZEC). This is a security coin that has had a spectacular rally. Over the past month, ZEC price has increased by more than 540%, breaking out of a bull flag pattern and moving steadily towards the next important target of $441, as we predicted earlier .

The rally cleared strong resistance levels at $314 and $344, confirming solid momentum despite a few technical warning signs.

Between October 11, 2023 and October 27, 2023, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) on the daily chart formed bearish divergences.

Even though the price has been making higher highs, both the RSI and CMF are making lower highs. This shows that buying power is fading even as the ZEC price increases.

This structure suggests that Zcash could face a minor correction of around 10%–12%. As such, the ZEC price could retest $314 or even $284 before continuing its rise.

The area near $247 remains a deeper support, while a drop below $187 would invalidate the bullish structure.