As we step into October, the cryptocurrency market continues to offer intriguing investment opportunities. With the dynamic nature of the market, it is crucial to stay informed about the potential gems that can yield significant returns.
In this article, we delve into technical analyses provided by altFINS, focusing on three coins that exhibit promising prospects for investment this month. We will explore their trends, momentum, support, and resistance levels, providing a comprehensive view to aid your investment decisions.
What you'll learn 👉
Toncoin (TON) is currently experiencing an uptrend, presenting a favorable investment landscape. The coin faced rejection at the $2.60 resistance zone, mirroring its performance in early 2023. A pullback near the $1.95 support area is emerging as an attractive swing entry in this uptrend, with a promising upside potential back to $2.60, marking a 30% increase. Investors are advised to set a price alert to stay abreast of the price movements.
In terms of trend, Toncoin is in an uptrend across all time horizons, including short-, medium-, and long-term. However, the momentum is mixed, with the MACD Line below the MACD Signal Line, indicating a bearish sentiment, while the RSI is around 50, signaling a neutral stance. The nearest support zones are at $1.95 and $1.60, with the nearest resistance zone at $2.60.
Polkadot (DOT) is showcasing a bullish breakout from a Falling Wedge pattern and has surpassed the $4.20 key level. This breakthrough could be signaling a potential trend reversal, with an upside to $5.00. To capitalize on this, setting a price alert is recommended. On a short-term basis, the trend is neutral, but it remains in a downtrend on medium- and long-term bases.
The momentum for Polkadot is bullish, with the MACD Line above the MACD Signal Line and the RSI above 55. This suggests a favorable environment for investors looking to leverage the coin’s potential. The nearest support zone for Polkadot is at $3.90. It has broken the nearest resistance zone at $4.20, with subsequent resistance zones at $5.00 and $5.70.
Cosmos (ATOM) is exhibiting a bullish breakout from a Channel Down pattern, potentially signaling a bullish trend reversal with an upside to $8.50. Currently, the price is retesting that breakout level, making it a pivotal point for investors to observe. Setting a price alert is recommended to keep track of the price dynamics effectively.
The price of Cosmos was previously trading in a Channel Down pattern. Traders who anticipate the price to remain within its channel can initiate trades as the price fluctuates within its channel trendlines. However, with the completion of patterns, i.e., a breakout, trades can be initiated when the price breaks through the channel’s trendlines, either on the upper or lower side.
Such breakouts can lead to rapid price movements in the direction of the breakout. The trend for Cosmos is in an uptrend on a short-term basis but remains in a downtrend on medium- and long-term bases. The momentum is bullish, with the MACD Line above the MACD Signal Line and the RSI above 55, indicating a favorable scenario for investors. The nearest support zone is at $7.00, which was a previous resistance, followed by $6.00. The nearest resistance zones are at $8.50 and $10.00.
October is shaping up to be a month rich with investment opportunities in the cryptocurrency market. Toncoin (TON), Polkadot (DOT), and Cosmos (ATOM) are standing out as promising candidates for investment, each displaying unique patterns and trends.
Toncoin is in a stable uptrend with mixed momentum, Polkadot is experiencing a bullish breakout signaling a potential trend reversal, and Cosmos is also showcasing a bullish breakout from a Channel Down pattern, indicating a possible bullish trend reversal. By meticulously analyzing the trends, momentum, and support and resistance levels of these coins, investors can strategically position themselves to maximize returns. It is crucial to stay informed and vigilant in this dynamic market, and these three coins certainly warrant attention this October.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com