Altcoins to Watch This Month: October Opportunities Unveiled

Uptober is fast approaching, and cryptocurrency traders are keenly watching for the market’s typical uptrend during this period.

As the market gears up for a possible climb, BeinCrypto has put together a selection of altcoins to monitor this October.

Celestia (TIA)

TIA tokens valued at $1.1 billion will be released on October 31. These tokens are designated for the project’s initial core contributors, research and development initiatives, and investors from Series A, Series B, as well as the seed funding round.

Typically, a substantial release of tokens could cause increased selling pressure. Should the market be bearish or on a general decline already, this token release could exacerbate the situation.

Read more: 10 Best Altcoin Exchanges In 2024

At present, TIA showcases a strong bullish sentiment among traders. It is trading at $6.42, reflecting a 10% increase over the week. The rally is predicted to persist throughout October, aiming for $12.47, driven by the excitement from Celestia’s recently completed $100 million funding round.

However, should enthusiasm decline as the token unlock date approaches, TIA’s price might retract to $3.72.

Uniswap (UNI)

One key reason to monitor UNI this October is the anticipated release of Uniswap V4 in the final quarter of the year. This version of the decentralized exchange (DEX) will introduce several important features, such as customizable liquidity pool “hooks,” singleton contracts to decrease gas fees, and flash accounting for faster transactions, among others.

Read more: How To Buy Uniswap (UNI) and Everything You Need To Know

Sponsored

The excitement regarding this update may drive UNI’s price upward in October. Currently, the altcoin is priced at $7.46, reflecting a 28% increase in the past month. If the upward momentum continues, UNI may aim to surpass the critical resistance of $9.42.

Sei (SEI)

Sei has garnered attention lately due to its native token, SEI, consistently achieving new peaks. Currently priced at $0.45, SEI stands as the third fastest-rising altcoin among the top 100 by market cap in the last week, with its price increasing by 32% during this time.

An analysis of its bull/bear dynamics indicates strong bullish sentiment. This is supported by a positive Elder-Ray Index, which gauges the power of buyers versus sellers in the market. At this moment, it stands at 0.16, signaling significant buying pressure.

Nevertheless, for traders looking to capitalize on the surge, it’s important to highlight that SEI could face a potential price correction in October. Its Relative Strength Index (RSI) reads 73.36, suggesting that the altcoin is currently overbought.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

RSI is used to assess whether an asset is overbought or oversold, ranging from 0 to 100, where readings above 70 indicate an asset is overbought and a correction is expected, while values below 30 suggest it is oversold and may rebound soon.

Should SEI’s price correct, it might drop to $0.20 in October. However, if demand persists, the token could potentially increase its value by another 70%, although this is considered unlikely.

Ripple (XRP)

Speculation continues regarding the US Securities and Exchange Commission (SEC) potentially appealing Judge Analisa Torres’ ruling regarding Ripple, with the deadline for such an appeal set for October 7. If they proceed with an appeal, XRP may experience a loss of some recent gains.

An SEC appeal is expected to heighten selling pressure on XRP. Consequently, market sentiment toward the altcoin may shift from bullish or neutral to negative.

Read more: Everything You Need To Know About Ripple vs SEC

If the appeal is filed, XRP’s price could decline by 21%, settling at the support level of $0.46. However, if no appeal occurs, the token may continue its upward trajectory, potentially climbing an additional 26% to trade at $0.74.

Fantom’s upcoming Sonic upgrade has fueled FTM’s surge this month, with momentum anticipated to continue into October. Set to launch on the mainnet in November, this upgrade will enhance the network’s functionality significantly with the addition of the new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and an improved Carmen database storage system.

Read more: 9 Best Fantom (FTM) Wallets in 2024

As anticipation rises ahead of the mainnet launch, FTM’s price could increase to $1.02, potentially paving the way for a five-month high of $1.23.