October copycat season is coming?
For cryptocurrency investors, the market trend in September was slightly weak, but with the market rebounding at the end of the month, October seems to be able to "hold the clouds and see the moon."
In the past, the month of October had a special title in the currency circle - "Uptober". Historically, October has always been a month when the cryptocurrency market performed well and even rose strongly.
As the market capitalization of the stablecoin Tether (USDT) reaches a new high, investors are accelerating the accumulation of capital and preparing to enter the cryptocurrency market. Combined with other positive signals in the crypto market, analysts have begun to focus on several coins with bullish potential. .
Cardano ($ADA): Technical upgrade fuels potential rebound
After hitting highs in March, Cardano ($ADA) price has experienced declines and sideways movements over the past six months, down 32%, but according to TradingView, $ADA is up 10.53% over the past 30 days. $0.3819 as of writing.
Image source: CoinGecko ADA price trend over the past year
Analysts pointed out that $ADA showed “buy” signals on the oscillators and moving averages (Moving Average), and formed a bullish pattern on the logarithmic moving average convergence divergence (1W LMACD) on September 24.
Analysts predict that if the current bullish trend continues, the price of $ADA is expected to surge to $5 in October, surpassing the all-time high of $3.09 set in 2021 and achieving a nearly 12-fold increase.
Uniswap ($UNI): Representative in the DeFi field
Uniswap ($UNI), the main platform currency on the decentralized finance (DeFi) track, fell 31.36% in 6 months after its excellent performance in the first quarter of 2024. But $UNI is up 10.53% over the past 30 days, trading at $7.84 at the time of writing, according to TradingView.
Image source: CoinGecko UNI Price trend over the past year
The recent rise in $UNI can be attributed to the UniswapX upgrade that increased miner extractable value (MEV) returns. In addition, the ERC-7683 standard launched by Uniswap in September has further strengthened the technical competitiveness of the platform.
Analysts pointed out that with the arrival of altcoin season, Uniswap ($UNI), as the main force in the DeFi field, is expected to usher in a strong rise in October.
Shiba Inu Coin ($SHIB): One of the leading meme coins
Shiba Inu Coin ($SHIB), currently the second largest meme coin by market capitalization, hit a high of 0.00003541 at the beginning of the year, but then also experienced a six-month decline. With the recent recovery in market performance, according to data from TradingView , $SHIB has gained 32.89% over the past 30 days, to $0.00001847 at the time of writing.
Image source: CoinGecko SHIB price trend over the past year
Generally speaking, meme coins are often regarded as "air coins". Without technical support, meme coins are more volatile and risky.
However, as a relatively mature meme currency, $SHIB already has many derivative products supporting its fundamentals. Analysts pointed out that the project launched the ShibDev platform in early September and is more focused on the development of decentralized applications (dApps). This further enhances the market competitiveness of this currency.
Analysts pointed out that $SHIB’s continued transformation makes it expected to benefit from the altcoin season’s rebound in October. For investors who like to pursue high returns, the performance of Shiba Inu Coin may be worth paying attention to.
Taken together, as a month with outstanding performance in history, October has a high probability of becoming a rebound time for altcoins. Cardano ($ADA), Uniswap ($UNI) and Shiba Inu Coin ($SHIB) have their own advantage and is expected to follow the market rebound in October.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
