As October commenced with optimism, subsequent declines cast a shadow over altcoins. Bitcoin, although not near its peak, maintains steady support at $102,800. Experts emphasize the necessity for a string of positive movements in the current bearish setting. Despite prevailing fear, hope persists among investors.
Can ENA and XPL Capitalize on Current Trends?
Emerging stablecoins gain traction and are forecasted for institutional expansion via GENIUS. Altcoins like ENA and XPL stand to gain significantly from this trajectory. Despite bearish sentiments, analyst DaanCrypto predicts potential gains exceeding 50% if opportunistic dips are leveraged.
“Without sudden pullbacks, just a few green candles are enough, and you will see people returning to the coins they once favored. Especially since they are currently ‘discounted’ by 50% to 80% compared to a month ago.”
Some altcoins exhibit strength against intraday pressures, showing slight diminished sell-offs relative to BTC. The ETH/BTC exchange continued its bullish streak recently.
What Lies Ahead for Bitcoin (BTC)?
DaanCrypto also highlights undervalued cryptocurrencies such as ENA and XPL for potential short-term profitability. “Several consecutive green candles could rejuvenate the market’s morale,” he notes. While technical bases are forming, active trading remains arduous for many.
Bitcoin hovers at around $104,700 and is poised for comments from Federal Reserve members shortly. Discussions will occur throughout the day, impacting market expectations. Analyst Faibik envisions a potential BTC rise to $120,000 from a descending wedge pattern, though caution is advised of a possible dip to $97,000 before any breakout.
Jelle reports feeling increased assurance if BTC stabilizes above $110,000, reflecting broader sentiments of uncertainty within the market.
Key Takeaways:
- •The altcoin market sees potential despite bearish sentiment, particularly for ENA and XPL, which may yield over 50% gains.
- •Bitcoin maintains critical support yet faces potential downward pressure before any substantial rebound.
- •Federal Reserve announcements may influence Bitcoin’s trajectory, with possible volatility extending into broader crypto markets.
Despite current challenges, some digital currencies reveal potential amidst market turmoil. Analysts suggest cautious optimism, with strategic moves possibly rewarding vigilant investors. As the market navigates these turbulent times, attention remains on decisive trends expected to emerge soon.