While the crypto market began September with a downward trend, it concluded the month on a high note, with Bitcoin (BTC) stabilizing just under $27K and Ethereum (ETH) trading close to $1,650. As we step into October, there’s curiosity about which altcoins might shine. Given the continued interest in Bitcoin Cash (BCH), Chainlink (LINK), and Maker (MKR), these altcoins could potentially experience a bullish surge, making it an “Uptober” to remember.
Will Altcoins Take Over Bitcoin?
This month, as Bitcoin fell short of its bullish targets, investors have been leaning more towards altcoins. Consequently, several altcoins like Toncoin (TON) and Terra Luna Classic (LUNC) experienced significant surges.
Yet, with Bitcoin’s price regaining momentum, the altcoin season index has declined from its peak of 56 to a current level of 35. This shift has introduced a mixed sentiment and caution in the altcoin market.
Bitcoin Cash (BCH) Price Analysis
Buyers sent BCH price to a high of $245, surging past the 20-day EMA. However, the momentum was short-lived as bears soon made their entry to plunge the altcoin below the 23.6% Fib channel. As of writing, BCH’s price is trading at $236, surging over 2.3% from yesterday’s rate.
Should the price remain above the range, it would suggest that patience is leaning toward buyers. The BCH price might then ascend to the next resistance level at $266. This resistance is pivotal, as surpassing it could pave the way for a potential surge towards the target of $300 in October.
Chainlink (LINK) Price Analysis
Chainlink price is currently retesting the channel’s upward line as it faces minor selling activity around $8.1. However, buyers are strongly defending an immediate decline by holding the price above the pattern’s support line. Currently, LINK price is trading at $8.16, with an uptick of over 4% in 24 hours.
A successful breach and settlement above the upward trend line will negate any bearish descending triangle formation. Typically, when a bearish pattern doesn’t succeed, there’s a significant upward surge as sellers rush to cover their short positions and eager bulls begin purchasing. This momentum might drive the LINK price towards $8.8.
If the price declines from the trend line, it will suggest that bears are exerting pressure at higher levels. For a potential retest of $6.9, sellers would need to pull the price below $7.8.
Maker (MKR) Price Analysis
Maker (MKR) experienced a bounce from the 20-day EMA at $1,433 today, suggesting a continued positive outlook as investors capitalize on price dips. The extended wicks on the candlesticks indicate selling pressure from the bears around the 38.2% Fibonacci mark of the current level. Nonetheless, the bullish momentum is strong as the price hasn’t dropped below the 50-day EMA.
For a potential rally, buyers need to push the price beyond $1,696, aiming for a challenge at the significant resistance of $2,000. This bullish perspective will be negated if the price takes a downturn, falling under $1,369.