As a seasoned analyst with over two decades of experience observing and analyzing markets, I’ve seen my fair share of trends come and go. The recent surge in the crypto market, with Bitcoin recovering to $67,000, has been quite intriguing, especially considering the geopolitical tensions that have historically caused market volatility.
Over the past weekend, the crypto market has seen a resurgence in its upward trend. Bitcoin, for instance, jumped from $60,000 to $67,000. Ethereum, being the second-largest cryptocurrency, spearheaded this bullish momentum in the altcoin market. This surge was driven by the launch of a spot Exchange Traded Fund (ETF) in Australia. As October continues, these five Ethereum tokens could be promising options for investors aiming to reach or even surpass the $1 million mark.
Turn Uptober into $1M with These 5 Ethereum Tokens
During the early phase of Uptober, cryptocurrency investors faced some obstacles due to geopolitical conflicts in the Middle East. Yet, market participants have demonstrated a strong response, as suggested by Bitcoin’s swift rebound to $67,000.
With Ethereum’s price predicted to bounce back following market pullbacks, lesser-known cryptocurrencies such as Shiba Inu (SHIB), Uniswap (UNI), Pepe, Immutable X (IMX), and World of Women (WLD) could potentially prolong a bullish trend.
Shiba Inu (SHIB)
Over the last fortnight, Shiba Inu (SHIB), one of the largest meme-based cryptocurrencies, has been moving horizontally. It’s held its ground above the $0.000016 level, which has served as a strong support. A rally from this foundation has pushed the value of SHIB by 15% and propelled it to trade at current levels. Simultaneously, the market capitalization has swelled to an impressive $10.61 Billion.
Examining the day-by-day graph reveals that the rising asset is creating a bullish reversal shape known as an “inverted head and shoulder.” Typically, this pattern emerges during a significant market low point and triggers a prolonged surge once the neckline is breached.
According to current predictions, the price of Shiba Inu needs to increase by approximately 13.5% for it to overcome the resistance at its neckline, which would mark a significant breakout.
Uniswap (UNI)
Uniswap’s (UNI) token ranks second among Ethereum tokens currently, trading at around $7.7. Its market capitalization stands at a substantial $4.64 Billion. The upward trendline in the daily chart is fueling the ongoing recovery trend for UNI prices, offering buyers a supportive dynamic platform to rebuild the bullish momentum.
To add, the number of UNI tokens in circulation on exchanges has gradually dropped from its peak in April of 82.6 million coins to 77.8 million, representing a 5.8% decrease. This decrease in the available supply for trading lessens the possibility of excessive market selling and supports the continuation of an upward trend.
Pepe Coin (PEPE)
In the past fortnight, the value of the Frog meme coin has significantly increased from $0.00000833 to $0.0000105, representing a 21.85% rise. This price hike indicates that buyers have been consistently active and have managed to push the price above the 200-day moving average, suggesting they control the market direction for this asset.
Additionally, Santiment data shows an increase in the amount of PEPE coins held by wallets with 10 million to 100 million coins. This group has boosted their holdings from 3.27 trillion to 3.72 trillion coins over the past five months.
The significant buildup of holdings indicates increasing faith among major investors in the long-term value of PEPE, potentially hinting at preparations by institutional or whale investors for a possible price spike.
Immutable X (IMX)
Among various Ethereum tokens, Immutable X (IMX) is exhibiting a consistent rebound, hinted by two overlapping trendlines forming a wedge shape. A recent flip from the lower trendline has boosted its value from $1.36 to $1.56, representing a 14.3% growth. This upward movement has also caused the market capitalization to swell to approximately $2.54 Billion according to Coingecko’s latest data.
As a researcher, I’m observing that the chart setup usually recovers the bearish momentum for the next potential breakdown. However, if buyers manage to overpower the current trendline, they could potentially invalidate this bearish thesis. The IMX price is currently 25% shy of breaching the upper resistance trendline, indicating a sustained recovery trend.
Worldcoin (WLD)
As an analyst, I’ve noticed an interesting divergence in the daily chart of Worldcoin (WLD) compared to other Ethereum tokens. Instead of following the general downtrend, it has transitioned smoothly into a sideways trend, with the $1.27 level serving as a solid foundation. This bottom support has significantly propelled the price by approximately 77%, currently trading at $2.27. Notably, this price movement aligns with a well-recognized reversal pattern known as a rounding bottom.
Yesterday, under the pattern’s guidance, the Worldwide Coin (WLD) price made a strong breakthrough from the $2.17 barrier, which was previously acting as resistance. This breakout provided a solid foundation for buyers to push prices higher. Moreover, in the last 24 hours, the number of active addresses on the Worldcoin network swelled to 795, indicating heightened network activity and user interaction.
The chart pattern backed by on-chain activity showed drive a sustained rally for the WLD coin,
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2024-10-16 01:28