Bitcoin's October Rally: MKR, AAVE, RUNE, INJ, and Other Altcoins Poised for Growth
Discover the top 5 altcoins with the potential to outperform as Bitcoin rallies in October. Learn more about Bitcoin's historical trends and how it could impact altcoin growth.
Posted 9 months ago in Altcoins
After a slight dip in the third quarter, Bitcoin is looking to rally in October, which could have a positive effect on altcoins such as MKR, AAVE, RUNE, and INJ. October has historically been a bullish month for Bitcoin, with only two negative monthly returns since 2013. This trend is encouraging for traders looking to formulate their strategies.
The recent strength in Bitcoin has also sparked interest in altcoins, particularly those showing signs of strength. Let's take a closer look at the top 5 cryptocurrencies that could outperform in the near term:
- Bitcoin (BTC): Trading above moving averages, Bitcoin has shown positive signs and every minor dip is being purchased. A break above $27,500 could lead to a retest of the crucial overhead resistance at $28,143.
- Maker (MKR): Breaking and closing above $1,370, MKR indicates the start of an uptrend. Bulls will aim for levels above $1,600, with potential targets at $1,760 and $1,909.
- Aave (AAVE): Trying to break above the long-term downtrend line, AAVE shows potential for a trend change. A break above the downtrend line could lead to an up-move towards $88.
- THORChain (RUNE): Reaching the overhead resistance at $2 for the third time, RUNE has a chance to rally above this level. A sustained move above $2 could lead to targets at $2.28 and $2.78.
- Injective (INJ): Swinging inside a range between $5.40 and $10, INJ provides trading opportunities. Moving averages and RSI indicators suggest a bullish trend, with potential targets at $8.28 and $10.
It's important to note that this article does not offer investment advice or recommendations. Traders should conduct their own research and analysis.
Last updated 10/1/2023, 4:21:09 PM
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