Although October started slow for the crypto market, several altcoins have gained momentum as the month progressed. Here are three altcoins that are showing promising potential and should be closely watched this week: Ethena (ENA), EigenLayer (EIGEN), and Avalanche (AVAX).
đĄ 1. Ethena (ENA): Breakout Imminent as SOL Proposal Gains Traction
Current Price: $0.39
24-Hour Performance: +16.54%
Key Catalyst: Ethena's proposal to add Solana (SOL) as a backing instrument for its USDe stablecoin.
Technical Indicators:
⢠The MACD (Moving Average Convergence Divergence) shows a bullish crossover, signaling a potential uptrend.
⢠Price is poised to break out of the accumulation zone around $0.40.
Price Target:
⢠If buyers maintain control, ENA could rise to $0.50 and potentially reach $0.77 before testing $1.
⢠If selling pressure emerges, the token might dip to $0.20.
đĄ 2. EigenLayer (EIGEN): Price Could Surge After Token Unlock
Key Event: 11 million tokens will be unlocked on October 15, a major event for EIGEN's price trajectory.
Recent Performance:
⢠EIGEN surged by 20% after its last token unlock, fueling speculation about another similar rise.
⢠Between October 12-13, EIGEN saw a slight decline of 9.19%, but has since rebounded.
Technical Outlook:
⢠Support at $3.58 looks strong, with potential resistance at $3.73.
⢠If the token can break through resistance, EIGEN could rally to $3.97 before the week ends.
⢠Caution: If demand post-unlock is low, EIGEN could fall to $3.35.
đĄ 3. Avalanche (AVAX): Foundation Buyback Boosts Price Outlook
Key Catalyst: The Avalanche Foundation repurchased 1.97 million AVAX from the Luna Foundation Guard (LFG), boosting investor confidence.
Buyback Details:
⢠Originally sold for $45.50 million in April 2022, those tokens are now worth nearly $60 million.
⢠The buyback is awaiting approval from the US Bankruptcy Court in Delaware.
Technical Indicators:
⢠AVAX is close to breaking the $30 mark for the first time in October.
⢠The Money Flow Index (MFI) has surged above the neutral 50.00 level, suggesting increased capital inflows and rising buying pressure.
Price Target:
⢠If the bullish trend continues, AVAX could rise by 30% to $38.18.
⢠In case of reduced buying pressure, AVAX could pull back to $24.68.
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đ Conclusion:
Ethena (ENA) is on the verge of a major breakout, especially with its SOL proposal.
EigenLayer (EIGEN) is poised for a potential price surge after its token unlock.
Avalanche (AVAX) is benefiting from a massive buyback, signaling bullish potential.
đ These altcoins are worth keeping a close eye on for potential gains this week!
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