Altcoins
Top 3 Altcoins to Sell in Uptober
Published
4 hours agoon
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adminThe crypto market is in the red today after shedding 3.2% of its value. Nevertheless, the entire crypto space is still convinced October will be a green month for crypto assets. As October (Uptober) runs out, there are some altcoins to sell before election month kicks in and uncertainty hits its highest.
3 Altcoins to Sell in Uptober
October has historically been one of the best months for crypto over the past 12 years, and many anticipate a new all-time high for Bitcoin. However, the total crypto market cap, excluding Bitcoin, has fallen by 5.68% since the start of the month. While analysts consider this drop to be within the expected 10% range, the Bitcoin Fear and Greed Index has dropped from 49 yesterday to 33 today, indicating growing investor fear. Here are three altcoins to consider selling before October ends.
1. FTX Token (FTT)
FTT is the native token of the infamous FTX crypto exchange. While the token spiked by over 55% following the court approval of the FTX reorganization plan, it has also seen a sharp decline due to profit-taking, as evidenced by the long wicks.
FTT price is down 2.6% in the last 24 hours and is trading at $2.21. While the $16 billion compensation plan is good news for all of the crypto market, with selling pressure mounting, it could face a downturn in October.
2. MANTRA (OM)
OM is the main utility and governance token of the MANTRA DeFi protocol. The token recently hit a new all-time high due to the anticipation of its upcoming main net launch, topping out at $1.4746.
However, candlestick analysis shows weakness as the OM price reached a zone of resistance. The long upper wicks indicate buyer exhaustion, and the short consolidation period followed by a long black candle suggests sellers may be taking control.
Investors selling to make a profit could cause the price to drop as low as $0.85, a 34% drop from the current price. This makes OM one of the top altcoins to sell before October is over.
3. Stacks (STX)
The Stacks network is a layer-2 solution for Bitcoin that enables the deployment of smart contracts and decentralized applications (dApps) on the Bitcoin mainnet. STX is the native token of the platform and has had a nice 30% pump ahead of the Nakamoto network upgrade and the launch of a new Bitcoin-pegged stablecoin, sBTC.
While STX is expected to benefit from the Nakamoto hard fork, selling pressure could affect its price, as the chart shows the asset in a pattern with a measured move of 25% to the downside.
The STX price is $1.69, representing a 3% decrease in the last 24 hours. A 25% drop from the current price will set it around $1.28.
Conclusion
While October is indeed a green month on average, it is good to check tokens that may perform better than others and diversify into them. On the other hand, tokens like FTX (FTT), Stacks (STX), and MANTRA (OM) show signs of dropping between 25% and 40% in October (Uptober), meaning they are altcoins to sell.
Frequently Asked Questions (FAQs)
Although October is historically a strong month for the cryptocurrency market, not all altcoins benefit from this upward momentum.
Three altcoins showing signs of decline are, FTT, OM and STX.
While a short-term drop is anticipated, crypto markets can change rapidly. Depending on market sentiment, news, and developments, these tokens may regain value later, but timing your entry or exit is crucial.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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adminThey say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
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Altcoins
‘One Last Shakeout’: Trader Says Bitcoin and Ethereum Could Crash Before Altseason Starts – Here Are His Targets
Published
6 days agoon
October 4, 2024By
adminA widely followed cryptocurrency trader and analyst is leaning bearish on Bitcoin (BTC) and Ethereum (ETH) amid a market downturn.
The trader pseudonymously known as Capo tells his 866,300 followers on the social media platform X that Bitcoin and Ethereum could fall by up to 21% and 23%, respectively, from the current levels.
“There’s a possibility of one last shakeout, with BTC testing the $48,000 – $50,000 zone and ETH $1,800 – $2,000, before the real altcoin season begins.”
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“The altcoins index (OTHERS) never gave the second and main bullish confirmation. Instead, it was strongly rejected from the resistance zone (dark zone ~$240 billion), showing weakness. From here, we could see a last drop to the blue ”buy zone” ($132 billion – $164 billion).
No need to worry if this happens. In fact, it could present a great buying opportunity. We have to adapt to what the market gives us.”
OTHERS’ market cap is at $203.645 billion at time of writing.
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Altcoins
Dogecoin (DOGE) Forming Bullish Setup That’s Previously Triggered Massive Rallies, Says Crypto Trader
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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