The digital gold, Bitcoin, is gazing ahead into ‘Uptober’, potentially opening doors for gains in other altcoins like MKR, AAVE, RUNE, and INJ. Despite a 11% fall in the third quarter this year, Bitcoin managed a positive closure in September, the first of its kind since 2016. According to CoinGlass data, only 2014 and 2018 have delivered negative returns in October. This historical trend gives Bitcoin enthusiasts a promising leap into October and beyond. But, readiness in trading strategies backed by such data is still crucial.
Moreover, Bitcoin’s recent resilience has also sparked interest in altcoins. Observe the top-5 cryptocurrencies trying to break overhead resistance levels indicating a robust recovery ahead. Bitcoin’s bullish momentum might get even stronger if the rally extends to $28,000.
But, baking this crypto euphoria with a bit of scepticism, it’s essential to realize that not all altcoins will skyrocket. Cryptocurrencies reflecting strength are the ones likely poised for recovery. Bulls are plotting to overcome resistance at $27,500. However, the bears may curb the rally with aggressive selling, bringing the pair down to retest the 20-day exponential moving average at $26,630.
Attention also sways towards altcoin Maker (MKR), which demonstrated an up-move at $1,600. The bullish sentiment bought the dip at $1,432, signalling the commencement of an uptrend. If the bulls breach resistance at $1,600, we might witness a probable sprint to $1,909. Essentially, talking points in this crypto jangle don’t stop at Bitcoin but extend to promising altcoins like Maker, Inj, Aave, and Rune.
Now, let’s turn the spotlight to Aave (AAVE). This cryptocurrency is trying to break past the long-term downtrend line indicating a potential trend change. Aave’s rebound off the 20-day EMA on September 28 showcases a shift from selling on rallies to buying on dips. If the price sustains above the 20-day EMA, it will likely signal a climb to $88.
Cryptocurrency THORChain (RUNE) has also been kissing the overhead resistance at $2 for a few days now. A resistance level poked repeatedly is likely to weaken and likely lead to surges towards $2.28 or even $2.78.
The current scenario calls for cautious optimism amid Bitcoin’s rally and emerging signs of an altcoin sea change. However, uncertainty brews underneath the surface. The onus remains on both individual traders and the collective market sentiment to create strategies that balance the promise of ‘Uptober’ with the realities of a volatile crypto-market.
Source: Cointelegraph
