Market
Altcoins to Watch in October 2024: 3 Underrated Gems
October is historically a bullish month for the crypto market. Because of this, investors might be on the lookout for hidden gem altcoins that could bring significant gains.
These lesser-known cryptocurrencies sometimes have strong fundamentals and increasing community support, which could make them worth monitoring. As such, this analysis uncovers three under-the-radar altcoins that show promising signs of a major pump in October.
Echelon Prime (PRIME)
PRIME, the native token of the decentralized finance and gaming web3 project, tops this list of altcoins. One reason for its inclusion is the assertion that gaming tokens could be one of the trending narratives next month and throughout the rest of the year.
Built on the Ethereum blockchain, PRIME’s price has increased by 35.39% in the last 30 days, with the most gains coming from the recent token unlock.
Furthermore, a look at the addresses by time held shows that many investors who have owned the token within the last month through the last 365 days have refrained from selling it. Thus, this suggests a high conviction in its short to long-term potential and that PRIME might not undergo a major price correction.
On the daily chart, PRIME’s prime jumped above $12 on September 28. This surge could be attributed to the breakout from the descending triangle, which is due to the formation of lower highs and a horizontal support level.
PRIME’s price has decreased to $10.20. However, the Money Flow Index (MFI) reveals that substantial capital is still flowing into the altcoins. As a result, a major rebound could occur from its current price.
Read more: 5 Best Crypto Payment Gateways Every Business Should Know
If that happens, PRIME’s value might surge by 70% in October, potentially reaching $17.25 before the month ends. On the other hand, the altcoin’s price might face a notable downturn if it drops below $10.17. In that scenario, the price could fall to $8.07.
Celo (CELO)
Celo is ranked the 159th most valuable crypto in terms of market capitalization. It is built on Ethereum and focuses on real-world stablecoin utility. On September 25, Ethereum co-founder Vitalik Buterin applauded Celo for surpassing Tron in terms of stablecoin activity.
This development implied improved user engagement on the Ethereum layer-2 project. Apart from that, digital asset management firm Grayscale added CELO to the list of altcoins, which it expects to perform well during this year’s last quarter.
Based on the daily chart, CELO’s price climbed over 50% in less than two weeks after the formation of an inverse head and shoulder pattern. This technical pattern is a bearish-to-bullish reversal, which usually brings about a staggering price increase.
As of this writing, CELO’s price is 0.64. However, as it happened during the uptrend, this decline could be a brief drawdown, and a rebound might likely be likely in the coming days.
Once validated, CELO might increase by nearly 36% and hit $0.87 in October. However, if CELO’s price slips below $0.60, it might end the month in a net negative.
Aethir (ATH)
As a Decentralized Physical Infrastructure Network (DePIN) project, Aethir (ATH) enhances the distribution of AI chips. With its structure, the ATH is also a gaming token, reinforcing the notion that AI tokens, as well as gaming altcoins, could perform well in October.
Interestingly, ex-BitMEX CEO Arthur Hayes appears to share a similar value, especially after he dumped other altcoins for the token. Based on the daily chart, the 20-day Exponential Moving Average (EMA) — in blue has crossed over the 50 EMA (yellow) for the first time in a long while.
The EMA measures trend direction. When the longer EMA crosses above the shorter one, the trend is bearish. Therefore, the current situation (golden cross) with ATH trading at $0.065 means that the altcoin trend is bullish.
Read more: 10 Best Altcoin Exchanges In 2024
Despite a recent decline, the Golden Cross formation suggests that ATH’s price might return northward. If that happens, then ATH could rise toward $0.090 next month. On the flip side, Aethir’s price could decrease to $0.053 if the 50 EMA rises above the 20 EMA again, invalidating the bullish prediction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase
Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.
Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.
Crypto Reacts: Banana Gun on the Rise
Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.
Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.
Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.
What they are campaigning for, precisely, remains to be seen.
“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.
The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.
Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.
This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.
The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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