As a seasoned crypto investor with battle-scars from the 2017 bull run and the infamous 2018 bear market, I’ve learned to read between the lines when it comes to market trends. While October, traditionally a green month for crypto, is winding down, there are some altcoins that seem ripe for selling before the uncertainty of election month sets in.
Today, the cryptocurrency market has experienced a 3.2% decrease in value, resulting in a downturn. However, the overall crypto community remains optimistic that October will bring gains for crypto assets, hence the term “Uptober.” As October comes to an end and election month begins, some altcoins may be worth selling before the uncertainty peaks.
3 Altcoins to Sell in Uptober
Historically, October has been a favorable month for cryptocurrencies over the past 12 years, with many experts predicting a new record high for Bitcoin. However, it’s important to note that the total market cap of all cryptos except Bitcoin has decreased by 5.68% since the start of this month. Although this drop falls within the typical 10% fluctuation range, recent developments suggest growing apprehension among investors, as indicated by a decrease in the Bitcoin Fear and Greed Index from 49 to 33 within a day. Here are three alternative coins that might be worth considering selling before October concludes.
1. FTX Token (FTT)
The FTT token is the native currency of the well-known FTX cryptocurrency exchange. After the court’s approval of the FTX restructuring plan, the token surged more than 55%. However, it has also experienced a significant drop due to profit-taking, as demonstrated by its long candlestick wicks.
The cost of FTT has decreased by approximately 2.6% over the past 24 hours and is currently valued at $2.21. Although the announcement of a $16 billion compensation plan brings positivity to the entire crypto market, there’s a growing sense of selling pressure which might lead to a potential drop in value for FTT during October.
2. MANTRA (OM)
In simpler terms, MANTRA DAO’s primary token, OM, has achieved a fresh record high. This surge is attributed to excitement surrounding the imminent launch of its main network, reaching a peak of $1.4746.
Nevertheless, the candlestick pattern indicates a lack of strength since the OM price touched a point of resistance. Long upper shadows imply that buyers are running out of steam, while the brief consolidation phase followed by a long bearish candle suggests that sellers might be gaining dominance.
As a researcher, I’m observing that some investors might be cashing out to realize their profits, potentially pushing the price down as low as $0.85. This represents a significant decrease of 34% from the current value. This trend makes OM one of the altcoins that could be worth considering for selling before October concludes.
3. Stacks (STX)
The Stacks network is a layer-2 solution for Bitcoin that enables the deployment of smart contracts and decentralized applications (dApps) on the Bitcoin mainnet. STX is the native token of the platform and has had a nice 30% pump ahead of the Nakamoto network upgrade and the launch of a new Bitcoin-pegged stablecoin, sBTC.
In simple terms, although STX might gain from the Nakamoto hard fork, it may experience a drop in value due to selling activity. The graph indicates that the asset is following a trend suggesting a potential decline of 25%.
The cost of STX currently stands at $1.69, marking a 3% decline over the past day. If this trend continues and there’s a 25% decrease from the present value, the price could potentially drop to approximately $1.28.
Conclusion
During October, it’s generally a green month for investments, but it’s wise to scrutinize tokens that might outperform others and consider investing in them for diversity. Conversely, cryptocurrencies such as FTX (FTT), Stacks (STX), and MANTRA (OM) have shown indications of dropping by 25% to 40% during October (Uptober). As a result, these altcoins might be worth selling.
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2024-10-10 10:08