This month’s ‘Uptober’ trend brought a strong rebound across the market, with numerous altcoins and Bitcoin reaching their highest levels of the year. Concurrently, memecoins experienced an explosive surge, notably with PEPE’s value climbing more than 100%. Motivated by these developments, both individual investors and large-scale holders have been accumulating more coins ahead of another surge in November.
Altcoins Perform Despite Bitcoin’s Domination
Despite the low altcoin season index due to an increase in on-chain activity around the $35,000 mark for Bitcoin, altcoins are still managing to hold their ground with Bitcoin’s performance. The current season index stands at approximately 16, indicating that investors are currently showing a preference for Bitcoin.
Nevertheless, when Bitcoin experienced a minor price setback, the altcoin market witnessed a significant surge, averaging gains of over 20% in a single day. Consequently, given the ongoing hype surrounding the potential launch of a spot Bitcoin ETF, it is expected that altcoins will continue to deliver strong performance in the coming week, meeting the demand of short-term investors.
Chainlink (LINK) Price Analysis
Chainlink has encountered resistance around the $11.7 level due to a selloff among holders. Currently, LINK price is attempting to test its upcoming support level to validate a clear move.
However, the bulls have managed to hold their position fairly well, indicating that investors are not rushing to secure gains, expecting the positive trend to continue. LINK price is set to test $9.6, and if buyers hold strong, it might initiate a rebound.
A surge will take the price toward $19.4 next week. However, a decline will push the price toward a consolidation of around $7.5.
Pepe Coin (PEPE) Price Analysis
In recent days, the Pepe coin witnessed a decline from the high of $0.0000013; however, buyers are holding the price above the support of $0.0000011.
It is expected that Pepe’s price will soon test buyers’ patience near the support level, and if it witnesses aggressive purchases near the dip, Pepe coin could trigger a robust rebound. In this case, we might see the price surging beyond $0.0000019.
However, this scenario might not hold if the market experiences a decline below the 38.2% Fib channel, suggesting the bulls are selling on smaller price declines. Such activity could send the price into bearish territory.
Terra Luna (LUNA) Price Analysis
Terra Luna’s price has demonstrated a robust comeback recently, suggesting a bullish momentum and aggressive purchases.
Luna’s momentum was such that the price recently broke the immediate resistance barrier at $0.48. However, the extended wick indicates resistance, with sellers pushing back at higher prices. Bears are currently attempting a decline below the support of $0.43.
A rebound from the $0.43 level would signal a shift towards a bullish sentiment, sending LUNA’s price toward a high of $0.5 and then $0.55. However, a decline below the support will send LUNA’s price to consolidate around $0.4.
