The crypto market has held strong over the weekend, consolidating the Friday pop that came about as a result of a Bitcoin short squeeze as well as Fed Chair Powell stating that the Federal Reserve has no intention of banning cryptocurrencies. As of this writing, the global cryptocurrency market cap is above $2T at $2.01T. Most crypto analysts are bullish for the remainder of the year and are speculating that the current month will be an “Uptober” month.
Bitcoin (BTC-USD), is currently sitting near the $47,460 area. It has been mostly range bound between $47K-$48K since the Friday surge with no hint of returning last week’s gains. The $44K area can now be said to act as a strong support level, while near term resistance is present at the $47,850 area. Many analysts are expecting a strong month for BTC with Rekt Capital noting that BTC has been charting higher lows for four months, with each new low finding buyer support. Furthermore, analyst PlanB predicts a closing price in October of $63K while macro guru Raoul Paul stated that BTC is forming a huge descending wedge reminiscent of a pattern that appeared from 2017 to 2020 - a bullish sign.
Ethereum (ETH-USD), as of this writing, is trading at $3,300. It has also kept its gains from Friday. However, it needs to solidly clear the $3,360 resistance area before going higher. The 61.8% Fibonacci retracement level and the 50-day MA are both present at this area. If ETH fails to convincingly break through this resistance, the technical trend would not be bullish. Although there is positive news on the fundamental side as TikTok has recently introduced creator-curated NFTs into its platform via Immutable X and Ethereum. TikTok, with its 1 billion active users, will now be getting exposed to Ethereum, a positive development. Additionally, during the third quarter, over $1.2B ETH was burnt, further highlighting its decreasing supply.
Cardano (ADA-USD) is currently sitting at $2.17, having done nothing much since the September summit. It’s presently in a fight with Binance Coin for the third spot on the market capitalization rankings. It still has strong support at the $2 level, but can’t seem to build any momentum. However, analyst Michale Van de Poppe is predicting a bottom near the $2.20 area before resuming a bull trend to the $3.11 level. Just recently, asset manager Grayscale released a report on ADA highlighting its advantages and risks with Charles Hoshkinson and his “compelling vision” along with the $1.5B in reserves being touted as the pros while the slow start of ADA’s smart contract development along with its low fees being seen as the cons. That being said, investors are aware that Cardano has always focused on slow and steady over speed.
Tezos (XTZ-USD) is one to watch having rallied north of 35% over the past week to sit at the current price of $8.62. It hit an all time high yesterday of $8.83 following a bullish trend which commenced last Wednesday when XTZ had a $5 handle. The price rally appears to be a result of XTZ’s staking volume with 76% of its total supply staked according to data from last week. This alternative Layer 1 network should not be ignored.
Another altcoin to keep in mind is Hedera Hashgraph (HBAR-USD). On October 7th, it will undergo a mainnet upgrade which will include the ability to associate HBAR addresses to NFTs. It’s currently sitting at $0.39, up 15% over the past week.
Polygon (MATIC-USD) should be on investors’ radar as it recently surpassed ETH in daily active users, a major feat. Most of the new users appear to be interacting with Polygon via the mobile gaming app Arc8. In addition, analyst Scott Melker believes that MATIC is getting ready for a run to $1.70. It’s currently trading at $1.26, up 12% over the past week.
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