October hasn't fully started yet, and some of September's troubles with the cryptos market have already spilled over.
The overall crypto market cap is nowhere near recovering and is still about 10% lower than what it was in June. This fall in the crypto market's capitalization has eroded some of the value of major altcoins, leaving most of them miles lower than their all-time high values.
However, Octobers, fondly nicknamed "Uptobers" by crypto community members, have historically been better than Septembers in price action. In fact, October has been a profitable month for altcoins 77% of the time.
It is also important to remember that several cryptos have better chances of soaring to the upside than others when market conditions are favorable.
At this point, the question becomes, "Which of these altcoins should you watch out for?"
In this article, these 5 altcoins have a chance to move upside this week.
Ethereum is the top altcoin in more than one aspect and deserves the number one spot.
Ethereum is currently testing resistance around the $1200 zone and has a real chance of moving to the upside very soon. It is imperative to keep a close watch on this altcoin to avoid missing any pumps.
Many members of the crypto community still expect the post-merge pump. Although this pump has been delayed, it still has a good chance of happening.
Of all the cryptocurrency projects behind Ethereum, Cardano is probably one of the first.
Like Ethereum, the Cardano network underwent the "Vasil upgrade" upgrade in September and is still expected to pump in price very soon. According to a poll from CoinMarketCap, thousands of crypto community members expect Cardano to jump about 33% in price this month and be worth about $0.57 by the end of October.
In addition, Cardano is one of the most badly affected cryptocurrencies in the 2022 crypto winter. The whales will likely see this cryptocurrency nosedive as an opportunity to "buy the dip."
Uniswap is different in some ways from all the others on this list. Uniswap is the cryptocurrency that powers the largest Defi protocol in the world. Uniswap is responsible for daily thousands of automated cryptocurrency transactions between DApps on the Ethereum platform.
As with its price action, Uniswap is one of the most resilient cryptocurrencies in the market, managing to stay in the range of $6.5 to $5.5 for months, despite bitcoin's price fluctuations. This indicates a healthy relationship between its bulls and bears.
Uniswap may do well this week.
In the charts, Uniswap is currently in an uptrend and is worth $7. Over the next week, Uniswap may test even higher highs.
Polkadot appears to be in a bullish wedge on the 4-hour chart. If a breakout to the upside occurs, the cryptocurrency may go from worth $6.32 to $8.
The signal line of the RSI also appears to have gone below the 50 mark, making it possible that a bullish crossover will happen soon. However, if the bears stay in control, the price of DOT may reverse and retest the $6.2 level.
Although not many crypto community members realize this, Chainlink is a precious blockchain network to the smart contract ecosystems.
Chainlink provides most of the functionality these smart contracts need to function and may indeed be one of the most important networks in the Defi space.
The cryptocurrency that powers this network is LINK.
LINK appears to be in an ascending channel on the charts and is about to retest the $7.1 resistance. Watching out for this cryptocurrency this week may be profitable as it is likely to bounce off the lower support and trend right upwards to the 8.4 level.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)