3 Promising Altcoins to Keep an Eye on in the Second Week of October 2024
As we enter the second week of October 2024, the crypto market’s excitement, also known as “Uptober,” continues to grow. With this in mind, let’s take a look at three altcoins that are worth watching this week and what we can anticipate from their price movements.
FTX Token (FTT)
FTX Token (FTT) has been experiencing a notable rally in recent days due to rumors of repayment to creditors. This surge led to an impressive 84% increase in price over the past eight days. Currently priced at $2.57, FTT is expected to maintain its rally throughout the week, as the actual hearing for the repayment plan is scheduled for October 7. If successful, this hearing could result in a distribution of $16 billion among creditors. As a result, FTT’s price may benefit from the growing optimism, potentially pushing the altcoin to reach $2.98 and beyond. However, it’s worth noting that after the repayment announcement, FTT might experience a pullback as traders start to “buy the rumor and sell the news.”
MANTRA (OM)
MANTRA’s mainnet launch is anticipated before the end of this month, and the impact of this anticipation is already evident in the price of its native token, OM. Surpassing its previous all-time high, which was set in mid-July, OM reached $1.47, indicating a strong bullish trend. However, if investors decide to cash out at the current price, a drawdown is likely to occur. The next support level could potentially be formed around $1.20, but further downside pressure might bring OM down to $1.04.
Stacks (STX)
While Stacks (STX) may not have an upcoming all-time high scheduled, a rally is still expected for this altcoin. The Nakamoto upgrade, set to take place on October 9, is one of the biggest hard forks that the STX network will undergo. This upgrade aims to significantly enhance the network by reducing Stacks’ block time to five seconds and introducing 100% Bitcoin finality. As a result, STX’s price is projected to rally towards the next critical resistance level at $2.06. If successful, STX could potentially climb even higher to $2.26, marking a four-month high for the altcoin.
In conclusion, as Uptober continues to unfold in the crypto market, FTX Token (FTT), MANTRA (OM), and Stacks (STX) are three altcoins worth keeping a close watch on in the second week of October 2024. However, please remember that the cryptocurrency market is highly volatile, and thorough research and analysis should be conducted before making any investment decisions.