This month’s ‘Uptober’ trend sparked a powerful recovery in the market, with numerous altcoins and Bitcoin reaching their highest levels of the year. At the same time, memecoins experienced an explosive rise, with the value of PEPE increasing by more than 100%. Motivated by these developments, both individual investors and large-scale holders have been accumulating more coins in anticipation of another surge in November.
Altcoins are performing despite Bitcoin’s dominance
Despite the low altcoin seasonal index due to an increase in on-chain activity around $35,000 for Bitcoin, altcoins still manage to hold their own with Bitcoin’s performance. The current seasonal index stands at around 16, indicating that investors are currently showing a preference for Bitcoin.
Nevertheless, when Bitcoin experienced a small price drop, the altcoin market witnessed a significant increase, with an average gain of more than 20% in a single day. Given the continued hype surrounding the potential launch of a spot Bitcoin ETF, altcoins are therefore expected to continue to deliver strong performance in the coming week, meeting demand from short-term investors.
Chainlink (LINK) price analysis
Chainlink has encountered resistance around the $11.7 level due to a sell-off among holders. Currently, LINK Price is trying to test the upcoming support level to validate a clear move.
However, the bulls have managed to hold their position quite well, indicating that investors are not rushing to secure profits, expecting the positive trend to continue. LINK price is expected to test $9.6, and if buyers hold firm, it could trigger a recovery.
An increase will take the price towards $19.4 next week. However, a decline will push the price towards a consolidation around $7.5.
Pepe Coin (PEPE) Price Analysis
In recent days, the Pepe coin witnessed a decline from its high of $0.0000013; however, buyers are keeping the price above the $0.0000011 support.
The price of Pepe is expected to soon test the patience of buyers near the support level, and if there is aggressive buying near the dip, the Pepe coin could stage a robust recovery . In this case, we could see the price rise above $0.0000019.
However, this scenario may not hold if the market experiences a decline below the Fib channel of 38.2%, which indicates that the bulls are selling off on smaller price drops. Such activity could send the price into bearish territory.
Terra Luna (LUNA) Price Analysis
Terra Luna’s price has recently staged a robust comeback, indicating bullish momentum and aggressive buying.
Luna’s momentum was such that the price recently broke the immediate resistance barrier at $0.48. However, the extended fuse signals resistance, with sellers pushing back at higher prices. Bears are currently trying to drop below the support at $0.43.
A recovery from the $0.43 level would signal a shift to bullish sentiment, pushing LUNA’s price towards a high of $0.5 and then $0.55. However, a drop below support will cause LUNA’s price to consolidate around $0.4.