October brings with it a new wave of potential developments and events in the Bitcoin and altcoin world. As the crypto market maintains bullish momentum, here are five altcoins worth keeping an eye on this month.
Altcoin Ethereum (ETH): ETF Launch Approaching
Altcoin Ethereum, the second largest cryptocurrency, is on the verge of a major event. Reports indicate that an Ethereum Exchange Traded Fund (ETF) could launch this week. It also marks a historic moment for the crypto giant. If approved by the Securities and Exchange Commission (SEC), it will be the first ETH futures ETF in the United States.
Altcoin Ethereum is showing signs of strength as its price rebounded from the long-term ascending support trend line. A recent break from the descending resistance trend line signals a potential upside move, supported by positive daily Relative Strength Index (RSI) readings. The next resistance is $1,830. Accordingly, this means a 10% climb from the current price.
Flare Network (FLR): Airdrop effect
Altcoin Flare Network is preparing for its next airdrop request on October 13. This marks the eighth claim in 2023. Accordingly, it potentially adds a significant amount to the crypto supply.
Historically altcoin FLR prices have tended to decline around airdrop times given the increase in supply. FLR is currently trading at an all-time low. On the other hand, there will be more price pressure after the demand in October.
Optimism (OP): Security council vote
Altcoin Optimism is embarking on a journey to establish a Security Council to improve the decentralization of the network. This initiative includes a series of governance votes, the first of which is scheduled for October 12.
A breakout from the long-term descending resistance trend line will trigger a 33% price increase for altcoin OP. On the other hand, it will take it to the next resistance at $1.80. However, loss of momentum will result in a 9% decline to the ascending support line at $1.25.
Hedera (HBAR)
Key names of the project, including founding partners Leemon Baird and Mance Harmon, attended the community meeting titled “Hello Future”, which Altcoin Hedera will hold in Los Angeles between 6-8 October.
Altcoin HBAR price has been following an upward trend since September 11. Accordingly, a continued rise will lead to a test of the $0.056 resistance. On the other hand, a rejection would trigger a 16% decline towards $0.042.
Altcoin Radiant (RXD): Mainnet launch
Radiant is preparing to launch its Mainnet on the Ethereum network on October 3. Accordingly, this Mainnet aims to improve the incentive model for stablecoins in the Ethereum ecosystem. On the other hand, RXD has recently experienced a jump. However, it encountered resistance at the $0.0017 level. Another attempt to overcome this resistance will result in a 25% price increase. On the other hand, falling to the September 20 lows would lead to a 20% decline.
These altcoins follow the developments in October. As Kriptokoin.com, traders and investors should closely monitor these potential price movements.
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