October is historically a bullish month for the crypto market. Because of this, investors might be on the lookout for hidden gem altcoins that could bring significant gains.
These lesser-known cryptocurrencies sometimes have strong fundamentals and increasing community support, which could make them worth monitoring. As such, this analysis uncovers three under-the-radar altcoins that show promising signs of a major pump in October.
Echelon Prime (PRIME)
PRIME, the native token of the decentralized finance and gaming web3 project, tops this list of altcoins. One reason for its inclusion is the assertion that gaming tokens could be one of the trending narratives next month and throughout the rest of the year.
Built on the Ethereum blockchain, PRIME’s price has increased by 35.39% in the last 30 days, with the most gains coming from the recent token unlock.
Furthermore, a look at the addresses by time held shows that many investors who have owned the token within the last month through the last 365 days have refrained from selling it. Thus, this suggests a high conviction in its short to long-term potential and that PRIME might not undergo a major price correction.
On the daily chart, PRIME’s prime jumped above $12 on September 28. This surge could be attributed to the breakout from the descending triangle, which is due to the formation of lower highs and a horizontal support level.
PRIME’s price has decreased to $10.20. However, the Money Flow Index (MFI) reveals that substantial capital is still flowing into the altcoins. As a result, a major rebound could occur from its current price.
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If that happens, PRIME’s value might surge by 70% in October, potentially reaching $17.25 before the month ends. On the other hand, the altcoin’s price might face a notable downturn if it drops below $10.17. In that scenario, the price could fall to $8.07.
Celo (CELO)
Celo is ranked the 159th most valuable crypto in terms of market capitalization. It is built on Ethereum and focuses on real-world stablecoin utility. On September 25, Ethereum co-founder Vitalik Buterin applauded Celo for surpassing Tron in terms of stablecoin activity.
This development implied improved user engagement on the Ethereum layer-2 project. Apart from that, digital asset management firm Grayscale added CELO to the list of altcoins, which it expects to perform well during this year’s last quarter.
Based on the daily chart, CELO’s price climbed over 50% in less than two weeks after the formation of an inverse head and shoulder pattern. This technical pattern is a bearish-to-bullish reversal, which usually brings about a staggering price increase.
As of this writing, CELO’s price is 0.64. However, as it happened during the uptrend, this decline could be a brief drawdown, and a rebound might likely be likely in the coming days.
Once validated, CELO might increase by nearly 36% and hit $0.87 in October. However, if CELO’s price slips below $0.60, it might end the month in a net negative.
Aethir (ATH)
As a Decentralized Physical Infrastructure Network (DePIN) project, Aethir (ATH) enhances the distribution of AI chips. With its structure, the ATH is also a gaming token, reinforcing the notion that AI tokens, as well as gaming altcoins, could perform well in October.
Interestingly, ex-BitMEX CEO Arthur Hayes appears to share a similar value, especially after he dumped other altcoins for the token. Based on the daily chart, the 20-day Exponential Moving Average (EMA) — in blue has crossed over the 50 EMA (yellow) for the first time in a long while.
The EMA measures trend direction. When the longer EMA crosses above the shorter one, the trend is bearish. Therefore, the current situation (golden cross) with ATH trading at $0.065 means that the altcoin trend is bullish.
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Despite a recent decline, the Golden Cross formation suggests that ATH’s price might return northward. If that happens, then ATH could rise toward $0.090 next month. On the flip side, Aethir’s price could decrease to $0.053 if the 50 EMA rises above the 20 EMA again, invalidating the bullish prediction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Victor Olanrewaju
https://beincrypto.com/hidden-gem-altcoins-october-2024/
2024-09-29 13:30:00
