October has historically been a strong month for altcoins and cryptocurrencies in general. Building massive momentum thanks to growing demand and favorable market conditions, several altcoins are also inching closer to breaking previous all-time highs.
This analysis highlights four altcoins poised for explosive growth in the coming months and how they could hit all-time highs in October 2024. The list includes LayerZero (ZRO), Sui (SUI), Binance Coin (BNB), and MANTRA (OM). ).
Layer Zero (ZRO)
LayerZero is a multichain interoperability protocol designed for cross-chain communication between blockchain networks. The native token, ZRO, is currently trading at $5.06, up 27.70% over the last 30 days.
ZRO’s price increase is related to the project’s recent decision to reallocate unclaimed airdrops to active wallets. The move sparked renewed investor interest in the token, which is now down 7.72% from its all-time high of $5.57.
This makes LayerZero one of the altcoins expected to surpass last October’s peak. On the daily chart, the price of ZRO formed an ascending triangle, indicating bullish momentum as the token hit higher lows.
As can be seen above, the token breaks out of the triangle, reinforcing the bullish prediction. Additionally, the Awesome Oscillator (AO), which measures momentum, is showing positive numbers, indicating a strong upward trend as the price is targeting $5.60.
By October, ZRO could exceed the threshold, potentially increasing by 30%. If that happens, the altcoin could hit a new all-time high of $6.55. However, if the altcoin fails to keep up with the recently discovered momentum next month, the token could fall to $4.39.
SUI
Sui is another altcoin that could hit an all-time high in October 2024. As of this writing, the price of SUI is $1.62, up 94.95% over the past 30 days. The altcoin’s performance can be linked to the Grayscale SUI Trust, which the asset management company launched a few weeks ago.
Aside from that, the token is seeing notable demand and some are predicting that this is the Solana (SOL) of this cycle. Currently, SUI is 25% away from breaking its previous high. According to the daily chart, SUI’s attempt to retest the $2 dollar mark was rejected by resistance near $1.77.
However, the pullback could lead to a rebound for the token, pushing it towards support areas near $1.60. Additionally, the price is noticeably higher than Ichimoku Cloud. This technical indicator shows whether there is notable support or resistance.
If the cloud is above the price, strong resistance may arise and the price may fall. However, since it is lower than the SUI price, there is a clear possibility of achieving a higher value.
Read more: Guide to 10 Best Sui (SUI) Wallets for 2024
From the looks of it, SUI could increase by 40% in October, bringing the price to $2.25. However, this prediction may be invalidated if the token is rejected at $2.00. In this scenario, it could fall to $1.50.
Binance Coin (BNB)
The list of altcoins likely to reach new highs would be incomplete without BNB. Market participants, encouraged by the early release of former Binance CEO Changpeng Zhao, believe this development confirms the return of the bull market.
Therefore, the price of BNB could benefit massively from this. The current altcoin price is $602.20. According to the daily chart, the coin was able to regain this area after breaking the descending trend line on September 8.
However, despite the rise in Chaikin Money Flow (CMF), the chart below shows that BNB is overbought. This is because the CMF value reached 0.20, which implies the conditions mentioned above.
This may cause the price of BNB to drop briefly. However, before the end of October, the altcoin could rise above $700 to new highs around $725.
But traders must be careful. A lack of buying pressure in the coming months may invalidate this prediction. In this case, BNB could fall to $564.
Mantra (OM)
OM, the token of real-world asset project MANTRA, is fourth on this list. Interestingly, this is not the first time OM has appeared on the list of altcoins likely to hit new all-time highs. The token was there in August.
At press time, OM’s price was $1.23, down $13% from its all-time high of $1.42. From a technical perspective, the token could see an upward trend towards $1.50. One reason for this bias is the exponential moving average (EMA), which measures directional trends, and the anticipated MANTRA mainnet launch.
As you can see below, on September 12th the 20 EMA (blue) crossed the 50 EMA (yellow). This crossover is called a golden cross and it indicates a bullish trend in the altcoin. In this case, the price of OM may break the resistance level of $1.29. With support at $1.22, the token could rise 22% to reach $1.50.
Read more: 10 Best Altcoin Exchanges in 2024
However, if the EMA position changes to a long position on the front foot, the altcoin may not be able to hit new all-time highs. That could push MANTRA’s price back to $1.05.
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