October Markets: Focus on #bitcoin☀️ and #Memecoins🤑🤑
October was filled with speculation around Bitcoin reaching a new all-time high and impressive rallies in meme coins. In the shadow of this excitement, however, some altcoins went almost unnoticed.
While it’s not currently "altcoin season," Victor Tan, founder and CEO of TrinityPad, stated that some crypto tokens have potential for growth.
“While selected altcoins with strong utility may still see growth, the broader altcoin season seems muted, and investors are increasingly focused on established assets. Altcoins are likely to experience selective growth driven by specific use cases rather than a broad market increase,” says Tan.
We analyze three of these overlooked tokens, which, despite being sidelined in October, have significant potential for November.
Virtuals Protocol (VIRTUAL)
VIRTUAL became one of the top-performing AI tokens in October, surging 568% over the month. This impressive rally took VIRTUAL to a new all-time high of $0.51, capturing significant attention in the altcoin market and highlighting its growth potential.
Despite its upward trend, VIRTUAL hasn’t seen much selling pressure, suggesting that its momentum may continue. If the altcoin manages to turn $0.51 into a support level, it could strengthen its upward trajectory. However, a bullish outlook could be invalidated if investors start selling their VIRTUAL holdings. If VIRTUAL loses support at $0.28, it risks a significant drop to $0.13, which would be a substantial decline and could impact market confidence in the token’s growth.
Safe (SAFE)
SAFE recently hit a multi-month high of $1.80, marking a 105% increase. However, the altcoin fell 22% over the past week, reflecting increased short-term selling pressure. This correction highlights volatility, as traders locked in profits, affecting SAFE’s short-term stability.
Despite the drop, SAFE has previously demonstrated resilience by recovering from similar declines. Its growth potential is bolstered by a recent listing on Upbit, sparking renewed interest and possibly fueling a continued upward trend. However, SAFE’s bullish outlook could face a setback if it loses the $1.10 support level. A drop below this threshold risks a deeper correction to $0.87, which may challenge investor confidence. This decline would signal a shift in sentiment and encourage caution among traders.
Turbo (#turbo )
Turbo shows strong conditions for a parabolic trading curve, suggesting the altcoin could double after forming a third base and confirming it as support. If this pattern holds, it often signals an accelerated upward movement, positioning Turbo for significant growth in the coming weeks.
While a full doubling may not occur, Turbo could see gains similar to those from the beginning of the pattern, indicating a potential 161% increase to $0.0243. This optimistic forecast aligns with Turbo’s current momentum and has sparked interest among traders anticipating further growth. Additionally, Turbo’s inclusion on Binance’s Futures Copy Trading platform is a positive indicator, boosting visibility and credibility. However, the bullish outlook could be invalidated if investors decide to sell, pushing the price below critical support at $0.0084, which could lead to a correction toward $0.0048.
#Altcoins👀🚀 , #Altcoinseason2024
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