Although the price of Bitcoin started to fall in October, falling to around $59,000, it has rebounded recently, reaching a high of around $68,422 yesterday.

Analyzing the technical indicators, the MACD histogram shows a subtle change in the market dynamics, suggesting that buyers may be exhausted after the recent surge. The moving average 20 is now playing a key role, providing the necessary support below the current trading level. Importantly, the relative strength index (RSI) is approaching the overbought zone and is currently hovering around 62, which suggests that a market correction may be imminent as profit-taking leads to volatility.

As the market booms, about 95% of Bitcoin investors are in profit. This poses a noteworthy risk: if “whales” decide to liquidate part of their holdings for profit, the resulting selling pressure could trigger a downward spiral back to the $65,000 mark, consolidating the upper boundary of the previously established parallel channel.

But despite the recent 2% drop in the last 24 hours, the market outlook remains cautiously optimistic, with underlying support levels continuing to hold strong, suggesting Bitcoin could maintain its upward trajectory. If support at $65,000 holds this week, there is a good potential to gain momentum this month and challenge resistance at $68,500 again.

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Well, as the market trend becomes positive, let’s see how APT, AXL, DVDX, and JUP perform in the future.

dYdX（DYDX）

  • Track: DeFi

  • Reason: Launching the US election prediction market may increase the DYDX staking yield

dYdX’s recently launched “TRUMPWIN-USD” market will allow traders to go long or short on whether Trump will be elected as the US president with up to 20x leverage.

While extreme volatility in prediction markets may require forced deleveraging or closing of winning positions to prevent market insolvency prior to event settlement, it is undeniable that the extreme leverage offered by these contracts is bound to attract a large number of speculators. Despite the product’s recent launch, competitive prediction market Polymarket has already doubled its monthly figures due to a surge in demand for presidential prediction markets; a trend that will almost certainly accelerate as the US election approaches.

DYDX staker yields are positively correlated with the growing demand for the dYdX perpetual contract market. Considering that the leveraged US President prediction market could be a compelling product, staker yields could increase in the coming weeks, driving up the token price.

Jupiter(JUP)

  • Track: DeFi

  • Reason: Grayscale is optimistic, and the product has a high degree of fit with the market

On October 10, Grayscale added JUP to its list of “assets under consideration,” marking it as a candidate token for possible inclusion in future investment products.

Jupiter is a full-service exchange deployed on Solana. Its core product is a DEX aggregator that automatically routes users’ trades to the pool with the best execution price. While Jupiter does not currently charge swap fees and its swap smart contracts do hold assets, the exchange processes hundreds of millions of dollars in spot token swaps every day and could easily monetize its order flow at some point in the future.

Although Jupiter’s fully diluted valuation is $9 billion, 15% higher than Uniswap, this valuation difference may be due to Jupiter’s complementary products, such as extremely high leverage perpetual futures (yielding up to 28% on $700 million in liquidity) and a strong token launch platform.

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Apartments（APT）

  • Track: L1

  • Reason: Good fundamentals

Aptos has been underperforming since the beginning of 2023, but it has recovered after hitting its lowest point in August and has doubled in the two months prior to this analysis.

Although Aptos' application scenarios are immature and its valuation is much higher than Ethereum, Aptos' on-chain fundamentals seem to be positive. With the steady increase in the number of daily active addresses, the TVL indicator has also reached a historical high.

With a theoretical maximum throughput of 160,000 transactions per second (TPS), Aptos is one of the fastest blockchains in the crypto space, a feature that makes it ideally suited for the bandwidth required by high-performance applications in emerging crypto space such as DePIN.

Axles（AXL）

  • Track: Infrastructure

  • Reason: Launching new cross-chain functions can take advantage of the recent L1 network boom

Axelar’s ​​Mobius Development Stack (MDS), launched on October 3, is the latest cross-chain interoperability standard leveraging AXL, providing a set of open tools and protocols that its developers claim will “unlock a whole new full-chain design space and bring new dimensions to building in Web3.”

With Axelar’s ​​Interchain Amplifier, bridge connections between new chains can be easily created at the smart contract level without major protocol changes, making the new interoperability standard support Flow, Hedera, Solana, Stacks, Stellar, Sui, and XRP Ledger by default.

While AXL retains utility under MDS and can be bonded as collateral by network validators to process transactions, the structure also allows for revalidation using ETH or BTC collateral for enhanced security guarantees.

Therefore, we remain bullish on AXL’s performance in the future and believe that this interoperability token is well-positioned to ride on the recent strong performance of L1 tokens, which could accelerate increased network exploration and bridging activities.