- Bitcoin has historically performed well in October.
- Ethereum is bullish and could face resistance at $1,750.
- Maker (MKR) has been bullish and could rally further in October.
- Solana broke out from a descending channel and could approach $30.
- Cardano is stuck in a descending triangle but could rally by 60% if it breaks out to the upside.
September behaved exactly as expected.
This seems a lot like Superstition, but September is a heavily bearish month for the crypto market.
Coinglass proves this.
According to the snapshot above, ever since 2013, 2015 and 2016 have been the only bullish months for Bitcoin (and the rest of the market).
The others have been severely bearish, and the crypto community had low hopes for the month.
However, the crypto market wasn’t so bad as far as October is concerned. Bitcoin only declined by 3.1%, and the global crypto market cap continues to rise every day, with a current reading of $1.09 trillion (a step up from 1 September’s $1.07 trillion).
Let’s go over a few predictions for October, and attempt to predict some of the best cryptocurrencies to be aware of for the tenth month.
1. Top Crypto: Bitcoin (BTC)
Octobers speak for themselves, as far as Bitcoin is concerned.
Let’s take a look at the Bitcoin monthly returns chart we mentioned earlier.
Notice the massive gains for Octobers?
It turns out that Octobers are the direct opposites of Septembers. Bitcoin even rallied by 39.9% in October 2021, after taking a -7% beating in September.
The same happened with Bitcoin’s insane 60% gain in October 2013, after a 1.7% beating in September.
The list goes on.
In the charts, we can see that Bitcoin appears massively bullish on the daily timeframe, after a price rebound from the $24,974 support.
The outlook for Bitcoin is bullish for October, as far as technical analysis is concerned.
2. Ethereum (ETH)
Just like Bitcoin, Ethereum also rebounded off an important support and is looking at some serious upside potential for October.
Like Bitcoin, Ethereum has broken through its 50 and 20-day moving averages and appears ready to reach higher.
However, a descending trendline, formed by its 17 April high presents a significant obstacle to Ethereum as illustrated above.
Ethereum is bound to rally further upwards and face this resistance around $1,750. The bulls and bears will then decide whether a breakout or a trend reversal occurs.
In all, the $1,750 zone is an important one to keep an eye out for.
3. Maker (MKR)
Maker (MKR), the governance token of the decentralized lending platform MakerDAO, has emerged as one of the top performers in the crypto market over the last 30 days, with gains of over 36%.
This is a remarkable feat, given that the crypto market is still in a bear market.
According to the charts, we can see that Maker has been consistently bullish, as far back as June.
Given that October is a generally bullish month for crypto, it makes sense to assume that Maker will have more fuel than ever, to rally further up this month.
Keep in mind, however, that the daily RSI is showing overbought conditions, and surprise corrections are entirely possible.
4. Solana (SOL)
Solana’s price action is very impressive, according to CoinMarketCap.
Solana, over the last hour (yes, the last hour), is up by 6.5%.
The cryptocurrency suddenly began the month with extreme bullishness and is now up by 13% over the last day, and by 17% over the last week at the time of writing.
The reason for this, according to the charts, is a recent breakout from a minor descending channel on the cryptocurrency’s daily timeframe.
Solana trades at $23 at the time of writing, after a decline from $24.25.
It broke past its 20 and 50-day moving averages on the last day of September and has now closed above the descending channel as illustrated above.
This validates the breakout and indicates that Solana is now free.
Although we expect a retest of the formation’s upper trendline (around $20) before further upside, Solana is now more poised than ever, to approach and even break through $30 once again.
5. Cardano (ADA)
Cardano’s performance has been less than encouraging this year (and throughout the last).
This is mostly because the cryptocurrency has been stuck inside a descending triangle since mid-April.
However, CoinMarketCap data shows that Cardano is up by 3.7% over the last day, and by 6.25% over the last week
Cardano’s series of long-tailed dojis on the $0.24 support validate this zone as a strong zone and indicates that it won’t break easily.
This reduces the likelihood that Cardano will break through the underside of this formation and decline further.
The top of this formation, however, presents a different story.
Cardano is currently facing resistance at its 50-day moving average and will rally into a retest of this trendline if a break above this moving average happens.
If October is the month in which we see a breakout from this formation to the upside, we may see Cardano ready to rally by 60% to its 14 July $0.38 high.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.