While the crypto market started September on a downward trend, it ended the month on a high, with Bitcoin (BTC) stabilizing just below $27,000 and Ethereum (ETH) trading near $1,650. As we move into October, there is curiosity about which altcoins could shine. Given the continued interest in Bitcoin Cash (BCH), Chainlink (LINK), and Maker (MKR), these altcoins could potentially experience a bullish wave, making it an “Uptober” to remember.
Will Altcoins Take Over Bitcoin?
This month, as Bitcoin fell short of its bullish targets, investors are leaning more toward altcoins. As a result, several altcoins such as Toncoin (TON) and Terra Luna Classic (LUNC) saw significant increases.
But with Bitcoin’s price gaining momentum again, the altcoin seasonal index has fallen from its peak of 56 to a current level of 35. This shift has led to mixed sentiment and caution in the altcoin market.
Bitcoin Cash (BCH) price analysis
Buyers sent BCH price to a high of $245, past the 20-day EMA. However, the momentum was short-lived as bears soon moved in and plunged the altcoin below the 23.6% Fib channel. At the time of writing, BCH is trading at $236, up more than 2.3% from yesterday’s price.
Should the price remain above this range, it could indicate that patience is tilting towards buyers. BCH price could then rise to the next resistance level at $266. This resistance is critical as surpassing it could pave the way for a potential move higher towards the $300 target in October.
Chainlink (LINK) Price Analysis
Chainlink price is currently retesting the channel’s upside as it experiences minor selling activity around $8.1. However, buyers vigorously defend an immediate decline by keeping the price above the pattern’s support line. Currently, LINK price is trading at $8.16, up more than 4% in 24 hours.
A successful breakout and settlement above the uptrend line will negate any bearish descending triangle formation. If a bearish pattern is unsuccessful, there is usually significant upward movement as sellers rush to cover their short positions and eager bulls begin buying. This momentum could drive LINK price towards $8.8.
If the price falls from the trendline, it will indicate that bears are pressing at higher levels. For a possible retest of $6.9, sellers would have to pull the price below $7.8.
Maker (MKR) Price Analysis
Maker (MKR) saw a recovery from the 20-day EMA to $1,433 today, indicating a continued positive outlook as investors take advantage of price declines. The extended wicks on the candlesticks indicate selling pressure from the bears around the 38.2% Fibonacci mark from current levels. Nevertheless, the bullish momentum is strong as the price has not fallen below the 50-day EMA.
For a potential rally, buyers need to push the price above $1,696, targeting a challenge at the significant resistance at $2,000. This bullish outlook will be negated if the price experiences a decline and falls below $1,369.
