In 2024, the traditionally favorable October for the cryptocurrency market started poorly. However, by the middle of the month, some altcoins gained momentum and showed impressive results
We are talking about three altcoins that are worth keeping an eye on in the second half of October.
Ethena (ENA) on the verge of a breakthrough
This week, ENA tops the list of the most promising coins. Over the past seven days, the price of the cryptocurrency has jumped by almost 51%, reaching $0.42.
The rally in the ENA token was sparked by the news that Ethena wants to include Solana (SOL) as collateral for USDe. This is a synthetic stablecoin of the project, pegged to the US dollar.
The daily chart shows that ENA is poised to break out of the accumulation zone at around $0.40. Analysis of the Moving Average Convergence Divergence (MACD) indicator shows a golden cross, which may confirm the start of a long-term uptrend.
MACD measures trend direction based on the positions of 12- and 26-period exponential moving averages (EMA). When the longer EMA crosses above the shorter one, it indicates a bearish trend. However, as can be seen below, the 12 EMA (blue) has crossed the 26 EMA (orange), indicating control from buyers.
As long as the situation remains unchanged, the ENA price may rise above the $0.50 resistance level. Once this happens, the token could rise to $0.77 before attempting to rise above $1 again. On the other hand, if there is widespread selling pressure, the coin could fall to $0.20.
EigenLayer (EIGEN) can take off after unlocking
Today, October 15th, the EigenLayer team will unlock 11 million EIGEN tokens. After the last unlocking, the cryptocurrency rate jumped by 20%. There is reason to believe that this time the asset will also respond with growth.
From October 12 to October 13, the price of EIGEN dropped by 9.19%. However, by the time of writing, the cryptocurrency had slightly recovered its position. While the altcoin may face resistance at $3.73, support at $3.58 appears strong, which could help the bulls overcome this barrier.
From October 12 to October 13, EIGEN lost 9.19%. Today the token has regained its position slightly. While the altcoin may face resistance at $3.73, support at $3.58 appears strong, which could help the bulls overcome this barrier.
If this happens, EIGEN’s price could jump to $3.97 before the end of the week. However, traders should be careful. In a scenario where there is insufficient demand for the token after unlocking, EIGEN could drop to $3.35.
Avalanche buyout improves AVAX prospects
This week, Avalanche announced the purchase of 1.97 million AVAX from Terraform Labs. In April of this year, the organization sold these tokens for $45.5 million. At the current rate, they are worth almost $60 million.
The fund is currently awaiting approval from the bankruptcy court in Delaware, USA.
On the daily chart, AVAX price is approaching $30 for the first time in October. If this happens, the altcoin will be able to overcome the downward trend line and rise.
The Money Flow Index (MFI), which measures how investors are investing money, also supports the bullish outlook. The MFI indicator rose above the neutral level of 50.00, which indicates growing interest on the part of buyers.
If the current trend continues, the AVAX rate could increase by 30% and reach $38.18 in the near future. However, if consumer interest declines, the forecast may not come true. In this case, AVAX risks falling to $24.68.
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Source: Cryptocurrency
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