Bitcoin (BTC) dominated the headlines for most of 2024, outperforming most major altcoins. But as October approached, things began to change, and the top cryptocurrency was now starting to take the second spot.
These changes have investors eyeing a breakout in non-BTC coins as speculation grows over the possibility of an altcoin season. Here are three altcoins to watch for in October 2024.
Stacks (STX)
Stacks is a Bitcoin layer-2 project that improves the development of smart contract applications on the blockchain. Its native token, STX, has gained 20% in price over the past seven days and is one of the altcoins that could outperform Bitcoin in the coming month.
The reason STX is on this list is because the Nakamoto upgrade is finally scheduled to take place on October 9th. The event is named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
This upgrade will improve decentralized finance (DeFi) on the Bitcoin network. Stacks may also introduce sBTC, a Bitcoin-pegged token, along with the mainnet upgrade.
The current price of STX is $1.964. On the daily chart, the price of the altcoin fell to $1.05 after the crash on August 5. However, the formation of an inverse head and shoulders pattern has brought about a change in the token.
The inverse head and shoulders pattern is a reversal from downtrend to uptrend that buyers take advantage of as sellers become tired. This eventually leads to a rise in price.
At the time of writing, STX is facing resistance at $2. However, support at $1.73 suggests that it may not take long for the altcoin to bounce.
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Once that happens, the price of Stacks could rise by another 20% to $2.38 in October 2024. On the other hand, if the STX bulls fail to break the $2 resistance, the prediction may not come true, in which case the value of the altcoin could fall below $1.73.
Thorchain (RUNE)
RUNE is the native cryptocurrency of the decentralized liquidity Torchain and is one of the altcoins that is predicted to surpass Bitcoin in October. One reason is the increase in RUNE’s trading volume , which played a significant role in the 30-day price increase.
The price of RUNE is $5.34 and it seems to have met a hurdle at $5.40. As a result, the altcoin may experience a short-term pullback similar to the one that occurred in May. Moreover, the token may repeat its performance by bouncing back and rising to $7.28.
This time, as you can see in the image above, the cryptocurrency could rise by 40% in October, reaching $7.54. Conversely, the price of RUNE could drop to $4.50, invalidating this hypothesis.
Phantom (FTM)
The main reason for the inclusion of Phantom is the anticipation of the Sonic Upgrade, which is expected to improve the blockchain’s translation speed and storage efficiency. In addition, the token, which is one of the best performing altcoins in recent times, may also see a move to the ticker “S.”
According to the daily chart, the price of FTM is at $0.67 and the exponential moving average (EMA) is sending bullish signals. As you can see below, the 20 EMA (blue) has crossed above the 50 EMA (yellow) and has risen above the 200 EMA (purple) for the first time in a long time, indicating a sustained rally in progress.
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Therefore, the price of Phantom is likely to increase by 36.70% and reach $0.92. Conversely, if sentiment towards the token turns bearish, FTM may fluctuate around $0.65.
