Bitcoin's price has risen to begin the new month. In the past, October has seen double-digit price gains in cryptocurrencies. The crypto market is currently expecting an upward trend, but because BTC has not yet closed at higher levels, every drop shocks altcoins. On the other hand, the increase in volume and pricing is a good thing.
Altcoin Analysis for October
Even though the crypto markets have been going up since the beginning of the month, there is a chance that 3 big cryptocurrencies will go down. Apecoin (APE), Chiliz (CHZ), and EOS are all close to long-term support lines that are going down.
Even though the price of Bitcoin went up and down, altcoins still went down. For example, people are buying APE Coin at $1.18, and the price keeps going down. Also, if the price of BTC stops going up quickly, the price, which isn't going up enough, could drop quickly and faster than expected.
The last time APE Coin tested the key declining trend resistance line was in July, when the summary decision for XRP Coin was made. The price went down to $1.06 on September 17. If the trend line is broken, the price could go as high as $2, but right now it could go as low as $1.05.
A similar outlook can be applied to CHZ Coin. Since the beginning of the year, the price has slipped below a declining resistance trend line. On September 11, the price reached a low of $0.055. Chiliz is almost at the $0.065 resistance level. If this key zone is breached, the downward scenario may invert because it has previously served as resistance.
If the resistance zone is breached, the price might rise by a factor of two to $0.077. If the resistance zone is breached, the price will fall to the nearest support level of $0.057, a decline of nearly 10%.
EOS Coin Analysis
It was formerly one of the most popular altcoins, but the proliferation of competitors has reduced its popularity. Since June 2021, the price of EOS has fallen below a declining resistance line. This line was most recently tested in April.
With a closure below $0.5, the price of EOS Coin might fall by 80%. The Fib goal is located in the $0.12 support zone.
Disclaimer: The material in this post is not intended to be investment advice. Investors should be aware of the significant volatility and thus risk associated with cryptocurrencies, and they should conduct their own research before engaging in any trades.