2024-9-29 00:00 |
Bitcoin (BTC) dominated the headlines for most of 2024 as its price outperformed most of the top altcoins. However, with October approaching, things have started to change, and the number one cryptocurrency is starting to play second fiddle.
This shift is why investors are eyeing a potential breakout for non-BTC cryptos as speculation of an altcoin season intensifies. Here are the three altcoins that could stand out from the crowd in October 2024.
Stacks (STX)Stacks is a Bitcoin layer-2 project that enhances the development of smart contract applications on blockchains. Its native token, STX, has seen its price increase by 20% in the last seven days and is one of the altcoins that could outperform Bitcoin next month.
STX is on this list because, finally, the anticipated Nakamoto upgrade will take place on October 9. The event, which is expected to be bullish, was named after Bitcoin’s pseudonymous creator, Nakamoto Satoshi.
When implemented, the upgrade would improve decentralized finance (DeFi) on the Bitcoin network. Stacks might also introduce a Bitcoin-pegged token, sBTC, along with the mainnet upgrade.
Currently, STX’s price is $1.964. On the daily chart, the altcoin’s price dropped to $1.05 during the August 5 crash. However, the formation of an inverse head and shoulders pattern appears to have changed things for the token.
The inverse head-and-shoulders pattern is a bearish-to-bullish reversal in which buyers capitalize on sellers’ fatigue. Eventually, this leads to an upward price movement.
As of this writing, STX faces resistance at $2. However, the support at $1.73 reveals that it might not take long for the altcoin to rebound.
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Stacks Daily Price Analysis. Source: TradingViewOnce that happens, Stacks’ price might increase by another 20% and hit $2.38 in October 2024. On the flip side, the prediction might not come to pass if STX bulls fail to breach the $2 resistance. If that is the case, the altcoin’s value might decline below $1.73.
THORChain (RUNE)RUNE, the native cryptocurrency of decentralized liquidity THORChain, is one of the altcoins predicted to outperform Bitcoin in October. One reason is the rise in RUNE’s volume, which has been crucial to its 30-day price increase.
While RUNE’s price is $5.34, it appears to have encountered a roadblock at $5.40. As a result, the altcoin could face a brief pullback similar to what happened in May. Furthermore, the token could replicate a rerun of the performance that saw the price bounce and climb to $7.28.
THORChain Price Analysis. Source: TradingViewThis time, the cryptocurrency might perform better as the image above shows a possible 40% price increase to $7.54 in October 2024. On the contrary, RUNE’s price could decline to $4.50 and invalidate this thesis if buying pressure falters.
Fantom (FTM)The major rationale for Fantom’s inclusion is the excitement about the Sonic upgrade. The upgrade is expected to improve translation speed and storage efficiency on the blockchain. Beyond that, the token, which has been one of the best-performing altcoins in recent times, could also see a migration to the ticker “S.”
According to the daily chart, FTM’s price is $0.67, with the Exponential Moving Average (EMA) flashing bullish signals. As shown below, the 20 EMA (blue) has crossed over the 50 EMA (yellow). In addition, for the first time in a long while, the 20 EMA has risen above the 200 EMA (purple), indicating that a consistent rally is in the works.
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Fantom Daily Price Analysis. Source: TradingViewTherefore, Fantom’s price could likely jump by 36.70%, reaching $0.92. Contrarily, the price might struggle to hit the point that if the sentiment around the token turns bearish, FTM could remain range-bound at around $0.65.
The post 3 Bullish Altcoins Predicted to Outperform Bitcoin in October 2024 appeared first on BeInCrypto.
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