Crypto trader Michael presented five altcoins ready to grow in October. Its collection includes the following currencies: Chainlink, Curve Finance, SKALE Network, The Graph and THORChain.
We analyze why these cryptocurrencies hold promise for investment in October 2021 based on principles and project data, uncovering the latest news. In addition, we will separately forecast on the chart against Bitcoin.
We bring to your attention that a lot of the growth of these altcoins will depend on the future of DeFi and the price of Bitcoin next month.
So let’s go!
The first in the review is the Chainlink currency – this project is the most sought-after provider of blockchain oracles and does not need a special presentation. According to Michael, she has a great chance to grow against Bitcoin and that’s why.
The coin fell as a result of the Bitcoin correction, but has now passed the build-up and is showing an interesting price structure. There is strong support above the 5,000 Satoshi mark, and you may also see the emergence of an uptrend due to higher highs and lows. The next serious resistance is at the 6,600 Satoshi level, it is likely not to be passed the first time around, but if the “bulls” break through this level, LINK’s next stop will be at 8,000 Satoshi.
It should be added that the continued adoption of Chainlink by other projects may help to achieve this forecast, as this list has been completed by DeFi Aurum in the Binance Smart Chain network.
A Chainlink sponsored hackathon for new projects is also slated to take place in October, with a prize pool of $ 300,000. And right now, the “whales” continue to accumulate LINK. Over the past week, their wallets have been filled with tokens of nearly $ 1.5 billion.
The second for today will be the governance token of the DeFi Curve Finance protocol. Michaël’s forecast indicates that the currency has a potential upside of 44% in October. His point of view is based on the fact that the coin has gone through a phase of consolidation, forming strong support. Then, it went to the next level and this support also made a nice retest. Now the token can start growing towards the goal of 8,600 Satoshi. If the latter is reached, the route to update the current maximum will be cleared.
Interesting forecast: we can add that Curve Finance is the original DeFi project, similar to Chainlink, as it is also requested by other decentralized applications (dApps). But while LINK provides information using its oracles, Curve Finance provides liquidity for staking, farming, and trading on DeFi platforms. Without liquidity, this market does not function which is the problem that Curve Finance solves. There is also a trend now for DeFi, especially in the context of new restrictions in China.
The third altcoin is SKALE Network. This is another project that intends to solve the problem of Ethereum’s scalability, because waiting for the solution from Vitalik Buterin and his company is absolutely not profitable. For example, 2 days ago (September 27) the average price for a transfer was again $ 46.
This is why Level 2 solutions are as sought after as many DeFi, such as Uniswap, use them.
The SKALE Network project is still very young and is just starting its work. In the summer the first DeFi were selected for launch, and in September it was shown how to quickly launch low cost “Smart Contracts” into their network.
In turn, Michael gives the following forecast on the currency: Consolidation has passed, after which the currency moved higher and made the first stress test at the 1000 Satoshi level, then saw a return to support and he resisted.
Therefore, it makes sense to expect another “assault”, and if all goes well with the price of Bitcoin, the next logical step will be the exit at the 1,400 Satoshi level.
The trader notes that the current phase of the market is practically a perfect copy of the movement that took place this winter before the start of the parabolic growth with the current price fixing. If the next resistance at 1400 Satoshi is successful, then this scenario can be expected to repeat with the maximum update.
The fourth position is occupied by the token The Graph. Another corner which by nature performs an important function for the development of modern blockchain technologies. It is already in use by projects such as Uniswap, Synthetix, AAVE, Balancer, Decentraland and many more. The simplest explanation of how The Graph works is a search engine inside the blockchain, mainly Ethereum. As DeFi protocols must constantly obtain information not only from external sources, which Chainlink provides, but also from other “Smart Contracts” to regulate the liquidity supply, prices, returns, etc.
The project is really cool, but unfortunately it doesn’t get enough media coverage. They need a partnership or a renewal, and then we can talk about future growth.
However, Michael believes The Graph has upside potential as the currency prepares to break the falling trend. A series of constant highs and bottoms is stopped. Now the currency shows the potential for reversal, we see how the maximums and minimums are gradually increasing. This could be the start of an acceleration to break through the resistance level of 3000 Satoshi, and settling above at least paves the way for reaching the current record.
The last in our compilation today is the THORChain project, or just RUNE. It is a liquidity protocol that allows you to trade cryptocurrencies on different networks without having to use other services. In this regard, they offer a number of original solutions, which makes RUNE more reliable for users than similar DeFi. At the moment, they support the most popular blockchains, namely Ethereum and Binance Smart Chain, but they plan to add other networks to this list. It should be noted that the project team is completely decentralized and that it does not win on RUNE. All their income comes from holding tokens on their own wallets, as they get the commission for the trades made.
From a trader’s point of view, Michaël notes that all the “bears” have left the market. Now the support zone after the start of the recovery, where the buyer is located. Local highs and funds are also increasing. The next local high could reach the 2,500 Satoshi mark, and the continuation of the bullish momentum will bring the price of RUNE into the 3,000 to 3,400 Satoshi range.
Please note that not all forecasts in this article are a financial recommendation, you should always do your own research. Also they are directly dependent on changes in Bitcoin.