A New Altcoin Season on the Horizon with Bitcoin Taking a Backseat in October 2024
With 2024 in full swing, Bitcoin (BTC) has been dominating the news cycles for its impressive price gains compared to many altcoins throughout the year. However, as we approach October, Bitcoin seems to be losing some of its shine, sparking discussions among investors about the likelihood of a resurgence in altcoins. Here, we explore three altcoins that are primed for notable performances in the upcoming month.
Stacks (STX) Positioned for Growth
Stacks, a layer-2 solution tailored to streamline smart contract development on the Bitcoin network, has captured attention recently. Notably, its native token, STX, has seen a 20% surge over the past week, positioning it as a strong contender to outpace Bitcoin in the near future.
The upcoming Nakamoto upgrade scheduled for October 9 is a key driver behind the positive outlook. This upgrade aims to enhance decentralized finance (DeFi) functionalities on the Bitcoin network and potentially introduce an sBTC token pegged to Bitcoin, alongside mainnet enhancements. Currently trading at $1.964 after hitting a low of $1.05 following a crash in August, the emergence of an inverse head-and-shoulders pattern hints at a potential bullish reversal.
Although currently facing resistance at $2, analysts suggest that a clean break beyond this level could propel STX by another 20% to $2.38 in October. Conversely, a failure to surpass this hurdle may lead to a dip below support levels at $1.73, dampening the bullish outlook.
THORChain (RUNE) Gains Attention
THORChain’s native token, RUNE, has been attracting investor interest with a noticeable uptick in trading volume over the last month. Priced at $5.34, RUNE is grappling with resistance at $5.40. Should momentum falter, a historical pullback akin to the one witnessed in May could materialize. Nonetheless, there is a possibility for a repeat of a past rally where RUNE surged to $7.28.
If buying pressure holds strong, analysts anticipate a substantial 40% price climb for RUNE, potentially hitting $7.54 by October’s end. Conversely, a loss of upward momentum might result in a drop to $4.50, challenging the optimistic forecasts.
Fantom (FTM) Prepares for the Sonic Update
Fantom’s outlook appears promising with excitement surrounding the imminent Sonic update, set to boost transaction speeds and enhance storage efficiency in its blockchain ecosystem. Currently priced at $0.67, FTM has been among the top performers in the altcoin space. Positive technical signals, such as the 20 Exponential Moving Average (EMA) crossing above both the 50 EMA and the 200 EMA, point towards a potential sustained uptrend.
If the optimistic market sentiment continues, Fantom could see a price surge of approximately 36.7%, possibly reaching $0.92. However, a shift to bearish sentiment may hamper FTM’s upward trajectory, potentially resulting in a consolidation around $0.65.
Final Thoughts: A New Dawn for Altcoins?
Entering October, the rise of altcoins like Stacks, THORChain, and Fantom presents intriguing opportunities for investors. Each of these tokens has unique catalysts driving their potential price movements, signifying a changing market landscape as Bitcoin’s dominance may recede. Nevertheless, investors are advised to proceed with caution and conduct thorough research, as market conditions are subject to rapid changes. The developments in these altcoins could mark the onset of a notable altcoin season, and monitoring performance trends closely could unveil profitable prospects.
Disclaimer: This analysis serves informational purposes solely and should not be mistaken for financial or investment advice. For personalized guidance, always seek assistance from a professional.
