📊 BeInCrypto analysis:
The Altcoins You Should Keep an Eye on in October
1️⃣ Ethereum (ETF) Could Launch This Week
The daily RSI readings support this possibility. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The RSI generated a bullish divergence (green line) during the bounce mentioned above.
A bullish divergence occurs when a price decrease is combined with a momentum increase. It often leads to significant upward movement, as has been the case with ETH so far. The RSI is now above 50, another sign of a bullish trend.
The next resistance at $1,830 is 10% above the current price, while the closest support is 5% below the price at the ascending support trendline near $1,600. 2️⃣ Flare Network (FLR) Claim Leads to More Supply
So far, the FLR price has fallen around the time of the airdrops(green lines). This is intuitive since an increase in supply usually causes a decrease in price.
Furthermore, the altcoin is trading at an all-time low, meaning that there is no support below the current price. Therefore, it is possible that a similar decrease will occur after the October claim.
A breakout from the descending resistance line will likely cause a 40% increase to the $0.015 resistance area. However, this currently seems unlikely for the FLR price.
3️⃣ Hedera (HBAR)
The HBAR price has increased since bouncing on September 11. After a period of consolidation, the price accelerated its rate of increase on October 1.
If the upward movement continues, the closest resistance will be $0.056. A horizontal resistance area and a long-term descending resistance trendline create the resistance.
Whether the altcoin breaks out from the level or gets rejected will determine the future trend’s direction. A breakout can lead to a 30% increase to $0.067, while a rejection could cause a 16% drop to $0.042.
The Altcoins You Should Keep an Eye on in October
1️⃣ Ethereum (ETF) Could Launch This Week
The daily RSI readings support this possibility. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The RSI generated a bullish divergence (green line) during the bounce mentioned above.
A bullish divergence occurs when a price decrease is combined with a momentum increase. It often leads to significant upward movement, as has been the case with ETH so far. The RSI is now above 50, another sign of a bullish trend.
The next resistance at $1,830 is 10% above the current price, while the closest support is 5% below the price at the ascending support trendline near $1,600. 2️⃣ Flare Network (FLR) Claim Leads to More Supply
So far, the FLR price has fallen around the time of the airdrops(green lines). This is intuitive since an increase in supply usually causes a decrease in price.
Furthermore, the altcoin is trading at an all-time low, meaning that there is no support below the current price. Therefore, it is possible that a similar decrease will occur after the October claim.
A breakout from the descending resistance line will likely cause a 40% increase to the $0.015 resistance area. However, this currently seems unlikely for the FLR price.
3️⃣ Hedera (HBAR)
The HBAR price has increased since bouncing on September 11. After a period of consolidation, the price accelerated its rate of increase on October 1.
If the upward movement continues, the closest resistance will be $0.056. A horizontal resistance area and a long-term descending resistance trendline create the resistance.
Whether the altcoin breaks out from the level or gets rejected will determine the future trend’s direction. A breakout can lead to a 30% increase to $0.067, while a rejection could cause a 16% drop to $0.042.