In a major development for the cryptocurrency market, the prospect of approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) has sent the price of Bitcoin on a significant rise. This development became a source of optimism for crypto investors, resulting in a 27% increase in Bitcoin’s price in October. Meanwhile, analyst Rakesh Upadhyay mentioned four altcoins that investors should watch this week. These altcoins are as follows: APT, QNT, ETH and RUNE. Here are the details and analysis…
Aptos (APT), before ETH analysis: What happened in the market?
Eric Balchunas, a senior ETF analyst at Bloomberg, said the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to gain regulatory approval in the U.S. in 2021, had its second-biggest trading week ever with $1.7 billion in total trading volume. He stated that he was alive. Additionally, Grayscale Bitcoin Trust (GBTC) recorded a significant trading volume of $800 million. This increase in trading activity for these existing instruments indicates a strong market appetite for spot Bitcoin ETFs once they receive regulatory approval.
The crypto market, known for its interconnectedness, has seen altcoins benefit from Bitcoin’s rise. These alternative cryptocurrencies have rebounded significantly from their lows in recent years. However, it is important to note that not all altcoins will be able to sustain their upward momentum and some are likely to struggle. Investors are advised to focus on the leaders in the market as they tend to outperform in the next crypto bull phase.
Ethereum analysis: What’s next?
According to the analyst, Ethereum (ETH) climbed above the $1,746 resistance on October 23 and reached $1,865 on October 26. The subsequent pullback found support at $1,746, indicating the potential for a new bottom. With the 20-day exponential moving average (EMA) and RSI pointing to bullish strength, buyers may attempt to push ETH/USDT above $1,865 with a target of $2,000. However, if the bears manage to sink the price below $1,746, the 20-day EMA becomes a critical support level.
Aptos (APT) analysis: Bulls are making a comeback
Aptos (APT) has risen sharply in recent days, indicating that the bulls are making a comeback. The bulls are defending the price despite facing profit booking around $7. If they manage to break the $7 barrier, the pair could target $8. Failure to do so could lead to a range-bound move between $7 and $6.20, with a potential deeper correction if support is broken. The 20-EMA offers support for the altcoin, but the RSI indicates a slowdown in bullish momentum.
What’s next for Quant?
Quant (QNT) broke above the $95 breakout level on October 23, signaling a potential trend change. Short-term bulls are profit-booking, which could lead to a pullback towards the downtrend line. A break below this line could indicate a bull trap, while a rebound could indicate a continuation of the uptrend. There is resistance near $108 on the 4-hours chart and short-term traders are booking profits. A decline below $103 could lead to a decline to $100, while a sustained break above $110 could resume the upside.
THORChain completed the critical formation
THORChain (RUNE) completed an inverse head and shoulders pattern by breaking above the $2 overhead resistance on October 23. Bullish momentum is evident, with rising moving averages and an overbought RSI. In the short term, a minor correction or consolidation is possible. If the downtrend line is maintained, the bulls can push the price to $3. However, if the price falls below $2, this could indicate a shift in sentiment.
As a result, the cryptocurrency market is witnessing increased activity and optimism, with the approval of the Bitcoin ETF by the SEC potentially driving up the price of Bitcoin. This has had a positive impact on other cryptocurrencies, but caution is advised as some may struggle to maintain their momentum. Traders need to monitor key support and resistance levels to navigate the market effectively.
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