October was a very optimistic month for cryptocurrencies. Bitcoin (BTC) was up 32% and hit a new all-time high on October 20, and six altcoins were up triple digits, led by Shiba Inu (SHIB).
ten alternative currencies that rose the most during the month of October were:
Shiba Inu (SHIB): 1005%
Secret (SCRT): 350%
Frax price (FRX): 224%
Fantom (FTM): 190%
DAO Curve Tab (CRV): 120%
Harmony (ONE): 100%
1 inch (1 inch): 97%
Close to protocol (CLOSE): 79%
Thor’s Chain (RUNA): 75%
Axie Infinity (AXS): 67%
SHIB
SHIB has been moving higher since the beginning of October. It has accelerated tremendously since October 23. In a span of just four days, SHIB was up 217%.
However, it was rejected by a major resistance level at Fib near $ 0.000088. This is the Fib 4.618 external retracement level when the most recent drop is measured. It often acts as a local stop during upward movements.
It also coincides with the 1.61 Fibonacci outer retracement level from the previous drop resulting from May’s all-time high.
Finally, the volume has decreased (green icon) compared to the start of the pump, another sign that the up movement is weakening.
However, SHIB is trading within a short-term continuation pattern, which could lead to another breakout.
SCRT
SCRT has risen parabolically over the past week. It managed to hit a new all-time high on October 28, breaking the $ 10 level for the first time.
next area of resistance is between $ 13.90 and $ 14.25. area is created using long-term (black) and short-term (white) external FIb retracement levels.
Since both layers provide a similar target, the area must act as a strong resistor.
FXS
FXS has been climbing at a fast pace since October 20.
Also read Bitcoin trading lower, sharp decline
Currently, it is trading in the final resistance area before an all-time high, which is at $ 14.80.
FXS was initially rejected from this resistance area on October 26, creating a long upper wick in the process (red icon). However, he is currently in the process of making another escape attempt.
If successful, the next resistance area would be $ 24.90. This is the 1.61 Fibonacci outer retracement resistance level when measuring the previous decline.
FTM
Similar to SHIB and FXS, the FTM rally accelerated significantly on October 22. On October 26, FTM retraced from the Fibonacci outer retracement level of 2.61 to $ 3.45.
After regaining his position, he made another escape attempt, which was also unsuccessful.
If a breakout occurs, the next resistance will be at $ 4.41. This is the resistance level of the external Fibonacci 3.61 retracement when the most recent decline is measured.
CRV
CRV has been increasing at an accelerating rate since breaking a declining resistance line on October 22. This indicated that the ongoing correction from the previous all-time high had come to an end.
After hitting a new all-time high, CRV validated the previous resistance at $ 4.20 as support (green icon) and continued its upward move. It reached another all-time high on October 28, but then returned to the support area.
next area of resistance is at $ 6.85. This is the 1.61 Fibonacci outer retracement level when the previous decline is measured.
ONE
ONE has been rising along with an ascending support line since the beginning of July.
It accelerated on Aug 8 and UNO broke out from the horizontal resistance area of $ 0.205 on the same day. Two days later, it hit a new all-time high of $ 0.266.
Also Read Solana, Dogecoin Hit Weekly Lows As Bitcoin Slows Pace
After validating the $ 0.205 area as support (green icon), ONE resumed its upward move and hit a new all-time high on October 26.
However, ONE was rejected by the 1.61 Fibonacci Outer Retracement Resistance Level and is about to decline.
1 INCH
1INCH made a big upward move on October 27, hitting a magnitude of 95% at one point. This just managed to create a new all-time high, with a drop of $ 0.12.
It was rejected by the $ 7.60 resistance area and has been declining ever since. On the same day, it created a long upper wick with a magnitude of 26%, a strong signal of selling pressure.
closest support area is at $ 4.
CLOSE
On September 26, NEAR deviated below the previous all-time high resistance area of $ 7.40 and subsequently regained it.
On October 19, it broke out of a descending resistance line and has since risen at an accelerating rate.
NEAR hit a new all-time high of $ 13.22 on October 26. next day, it rallied to the $ 10.55 support area and started another bullish move. However, it was unsuccessful and returned to the $ 10.55 area once again.
RUNE
RUNE has been on the rise since it broke a descending resistance line on October 22. On October 24, it surpassed its September highs of $ 12.20. validation of this area as support is in progress (green icon).
RUNE is fast approaching its all-time high, which is 70% above the horizontal support area of $ 11.80.
AXS
Since reaching an all-time high on October 4, AXS has fallen within a symmetrical triangle. This is often considered a neutral caral.
AXS managed to break this pattern on October 31. next resistance levels would be at $ 186.50 and $ 227.50. former would give current and previous bull movements a 0.618: 1 ratio, while the latter would give them a 1: 1 ratio.
Read also Now you can use your .com domain to send and receive Ethereum TradingView AXS Chart
For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.
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