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Last week, Bitcoin rebounded strongly, reaching $65,000 after a significant drop below $50,000, while Ethereum also reclaimed the $2.5K mark. With the current market optimism and positive social sentiment, numerous analysts have predicted the emergence of an altcoin season.
The last quarter of the year often brings a bullish trend in cryptocurrency prices, offering an opportunity to recover potential losses. In this article, we’ll explore five altcoins considered strong investment prospects as we approach October, a month historically known for positive movements in the crypto market.
We will provide an analysis of these altcoins, including Optimism, Ethereum, Wormhole, Pepe, and Pyth Network, highlighting their potential for growth based on fundamental, technical, and price action factors.
Optimism (OP)
Optimism is presented as a strong contender due to its role as a Layer-2 blockchain on Ethereum, benefiting from Ethereum’s security and scalability through optimistic rollups. As of the latest update, $OP is trading at $1.46 with a 24-hour trading volume of $138.3 million and a market cap of $1.7 billion.
The price of $OP has increased by 1.72% in the past day, showing bullish momentum as it reclaimed positive ground above the 20-day Exponential Moving Average (EMA). Recent daily ratios of transaction volume in profit versus loss indicate more profitable transactions have taken place.
Technically, $OP’s price is hovering above the 20-day EMA but remains under long-term bearish pressure beneath the 200-day EMA, currently at $2.17. If the price breaks above $1.62, it could continue its upward trajectory towards the 200-day EMA. However, if it falls below $1.24, it could confirm a bearish trend.
Ethereum (ETH)
Ethereum, despite its notable position in the crypto market, has yet to reach an all-time high this year. Historically, Ethereum has shown remarkable growth even after significant corrections.
For instance, after initially surging to around $4,000 during a previous bull market, it experienced a notable drop to about $1,800 before rebounding. This past performance suggests that surpassing the $4,000 mark again is quite achievable.
Looking ahead, Ethereum’s market cap has previously hit $550 billion, and projections of reaching up to $1 trillion or even $2 trillion in the future seem realistic. Thus, Ethereum remains a strong investment prospect, particularly during market dips.
Wormhole (W)
Wormhole is a significant player in the crypto ecosystem, as it plays a crucial role in connecting various blockchain ecosystems, facilitating smooth cross-chain operations. This technology is instrumental in ensuring seamless asset transfers between different blockchains, effectively bridging the gap between separate networks.
Wormhole’s market capitalization currently stands at $550 million, but historically, it has reached as high as $1.37 billion. Although $W is 86% down from its all-time high, there is optimism surrounding its future, with expectations that it could multiply its value several times over, potentially even achieving a 10x return.
This is due to its large market accessibility, especially through platforms like Binance, and its substantial cross-chain activity, which involves Ethereum, Solana, Arbitrum, and others. Wormhole’s utility makes it a project worth watching closely, especially as the blockchain industry continues to expand and evolve.
Check out the video above to dive deeper into these altcoins and follow his YouTube channel. Also, join the Jacob Crypto Bury Discord channel for trading tips and insights on upcoming crypto presales.
Pepe (PEPE)
Pepe coin is making waves in the crypto space, and it’s easy to see why. Recent analysis points to the possibility of a substantial bull run, with predictions indicating that $PEPE’s value could surge by the fourth quarter of 2024. Currently, $PEPE is trading at $0.0000076.
With its market cap previously reaching $7 billion, it has now corrected down to approximately $3.35 billion, representing over a 50% drop. Despite this correction, Pepe has shown resilience, maintaining strong support levels.
As meme coin season approaches, Pepe is poised to shine, particularly given its relatively low market cap compared to established tokens like Shiba Inu and Dogecoin, which have larger market caps and thus less potential for exponential growth.
The potential for Pepe to achieve a 5x return in the upcoming bull run remains high, making it a noteworthy contender in the meme coin category.
Pyth Network (PYTH)
Pyth Network stands out as one of the most promising projects due to its low market cap and strong fundamentals. With a current market cap nearly $1 billion, the network has demonstrated resilience, previously reaching an all-time high of $1.7 billion.
$PYTH is recognized as the largest and fastest-growing first-party oracle network, delivering real-time market data to over 40 blockchains and providing more than 380 low-latency price feeds across various cryptocurrencies.
Despite the potential for dilution due to the circulating supply being around 30%, Pyth Network’s utility and solid foundation make it an attractive option for investors looking to capitalize on market movements.
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