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5 Altcoins You Should Keep an Eye on in October

4 mins
Updated by Ryan James
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In Brief

  • An Ethereum Exchange-Traded Fund (ETF) could launch this week. The price has broken out from a descending resistance trendline.
  • An important vote is coming up for Optimism (OP). However, the price still trades below a descending resistance trendline.
  • Hedera (HBAR), Flare (FLR) and Radiant (RXD) also have some interesting developments lined up in the month of October.
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Ethereum (ETH), Flare (FLR), Optimism (OP), Hedera (HBAR), and Radiant (RXD) are all altcoins that have interesting developments lined up in October, which could have an effect on their price.

The month of September was bullish for the cryptocurrency market, and the increase has so far continued in October. The five altcoins below could draw even more attention this month.

Ethereum (ETF) Could Launch This Week

  • Price: $1,666
  • Market Cap: $200,364 billion
  • Rank: #2

There are multiple reports stating that Ethereum Exchange-Traded Funds (ETF) will launch this week. If the Securities and Exchange Commission (SEC) approves the futures product, it will be the first ETH futures ETF to launch in the United States.

So far, the SEC has delayed the decision on ARK 21Shares Ethereum ET and the VanEck Ethereum ETF to the end of 2023.

The Ethereum price has increased since September 11, when it bounced at a long-term ascending support trendline. So far, the line has been in place for 472 days. 

On September 28, the ETH price broke out from a descending resistance trendline (dashed). This is a sign that the correction has ended and that the price has begun a new upward movement. 

The daily RSI readings support this possibility. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The RSI generated a bullish divergence (green line) during the bounce mentioned above.

A bullish divergence occurs when a price decrease is combined with a momentum increase. It often leads to significant upward movement, as has been the case with ETH so far. The RSI is now above 50, another sign of a bullish trend.

Ethereum Price Movement
ETH/USDT Daily Chart. Source: TradingView

The next resistance at $1,830 is 10% above the current price, while the closest support is 5% below the price at the ascending support trendline near $1,600.

Flare Network (FLR) Claim Leads to More Supply

  • Price: $0.01
  • Market Cap: $266 million
  • Rank: #104

The next claim for the FLR airdrop will be on October 13. This will be the eighth claim in 2023. The airdrop will add another 676,040,637 to the total crypto supply.

So far, the FLR price has fallen around the time of the airdrops (green lines). This is intuitive since an increase in supply usually causes a decrease in price.

Furthermore, the altcoin is trading at an all-time low, meaning that there is no support below the current price. Therefore, it is possible that a similar decrease will occur after the October claim.

Flare Network Drop
FLR/USDT Daily Chart. Source: TradingView

A breakout from the descending resistance line will likely cause a 40% increase to the $0.015 resistance area. However, this currently seems unlikely for the FLR price.

Important Optimism (OP) Vote on October 12

  • Price: $1.37
  • Market Cap: $1.093 billion
  • Rank: #40

Optimism is initiating the process of establishing a Security Council. This will be done to achieve a more decentralized network. The council will consist of 8 members and will be implemented through a series of governance votes.

The first voting round will be on October 12, determining if this new Mainnet security model will be approved.

The OP price attempted to break out from a long-term descending resistance trendline. But, it was unsuccessful in doing so. The line has been in place since February.

Optimism Movement
OP/USDT Daily Chart. Source: TradingView

If this is the case for OP, the price can increase by 33% and reach the next resistance at $1.80. On the other hand, a sudden decrease in momentum can take the price down to the ascending support line at $1.25.

This would be a drop of 9%, measuring from the current price.

Hedera (HBAR) Community Meeting Can Lead to Increased Interest

  • Price: $0.051
  • Market Cap: $1.731 billion
  • Rank: #30

The “Hello Future” community meeting organized by Hedera will be held on October 6 – 8 in Los Angeles. Important figures such as Leemon Baird and Mance Harmon, the co-founders of Hedera, will be in attendance.

The HBAR price has increased since bouncing on September 11. After a period of consolidation, the price accelerated its rate of increase on October 1.

If the upward movement continues, the closest resistance will be $0.056. A horizontal resistance area and a long-term descending resistance trendline create the resistance.

Hedera (HBAR) Price Resistance
HBAR/USDT Daily Chart. Source: TradingView

Whether the altcoin breaks out from the level or gets rejected will determine the future trend’s direction. A breakout can lead to a 30% increase to $0.067, while a rejection could cause a 16% drop to $0.042.

Radiant (RXD) Concludes Altcoins to Watch

  • Price: $0.0013
  • Market Cap: $10.386 million
  • Rank: #732

Radiant will launch its Mainnet on the Ethereum network on October 3. The mainnet aims to improve the incentive model for stablecoins in the Ethereum network, which do not generate significant yield.

The RXD price bounced on September 20 but was rejected by the $0.0017 resistance area two days later (red icon). This caused a downward movement.

Radiant (RXD) Price Resistance
RXD/USDT Daily Chart. Source: TradingView

Despite the decrease, the altcoin created a higher low and stayed above its September 20 low.

If the price makes another attempt at reaching the $0.0017 resistance, it could increase by 25%. On the other hand, a drop to its September 20 lows would amount to a decrease of 20%.

For BeInCrypto’s latest crypto market analysis, click here

Top crypto platforms in the US | February 2024

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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