TOP-4 cryptocurrencies in October
Today we will talk about TOP-4 cryptocurrencies in October, which have great growth potential in October and subsequent months. We will talk about such cryptocurrencies as Polkadot, VeChain and Waves, we will analyze the latest news on them, discuss why the price has risen and give forecasts.
We will separately consider how bitcoin updated the local price maximum of $ 58,500. What news influenced the growth of BTC, can we say that the correction has already ended and what are the chances of accepting bitcoin ETFs in the near future.
Just yesterday, we analyzed possible scenarios for the correction of bitcoin and today the market shows that it could have chosen the plan of the smallest drawdown with a reversal of $ 54,000 and further growth in the direction of $ 64,000 in the next two weeks. The biggest optimists are waiting for Bitcoin at $ 60,000 this week and that's what helped the market make such a decision.
The first moment is the data on inflation in the United States , which has returned to the level of 5.4%, which is a record for the last 30 years. After the publication of data yesterday, gold rose by 2% and today maintains an upward momentum, reaching the price of $ 1,800. It is possible that bitcoin also received its part of the capital inflow, which is gradually taking over the role of an asset, which can be used to protect against inflation.
The second reason is market expectations for the approval of the first Bitcoin ETF in the United States. Erik Balchunas, Bloomberg's senior ETF analyst, who gives 75% that we will get the green light in October, pointed to two signs of why the SEC should look forward to a positive decision.
The first is the filing by the Katie Wood fund Ark Invest of an ETF pegged to CME futures, which the regulator loves so much. And the second is the emergence of the BTF ticker for a similar exchange-traded fund from Valkyrie. The analyst points out that this is evidence of the final preparations that take place when everything is already ready for launch.
Polkadot needs no introduction, the price has added over 20% at the moment on news about the imminent launch of parachains, auctions will begin on November 11.
Indicators show that the bulls are returning to Polkadot, it is logical that the next target is $ 50 to set a new price high. And then we can talk about growth to $ 100, which will allow us to repeat the recent success of Cardano and enter the TOP-3 cryptocurrencies in terms of capitalization .
How realistic is such an optimistic scenario for Polkadot and can the price go even higher? As we have said more than once, no one knows the future, and we will not give financial advice. Nevertheless, we have experience of how Kusama, a native cryptocurrency for Polkadot, grew at parachain auctions, and by the way, some of this growth will go back to it. So Kusama also needs to be watched.
Plus, the Polkadot event itself is long-lasting, auctions start in early November this year and will last until early March next, in fact, all this time Polkadot will have information support for growth. And one more important point - this is the start time of the event, if the bulls' predictions turn out to be correct and Bitcoin leads the cryptocurrency market to the native this fall and winter, then the expectations for the growth of Polkadot can be multiplied by two or even three times at least.
The second altcoin that stopped hiding among the rest and intends to go on the offensive was VeChain, a business platform that specializes in the implementation of blockchain technologies in supply chains. The reason for the growth of the coin was the information about the upcoming blockchain update.
It is already tested and ready to be deployed on the main network, the main innovation is a significant increase in throughput.
Thus, the VeChain network will be able to quickly connect and serve an unlimited number of companies, the update is presented as revolutionary and, accordingly, the market pleases with growth expectations.
Here are a couple of predictions, for the first in 2022 the price will rise to $ 1.4.
That is, by 1000%, in general it is very tempting. And the second forecast , according to which the price will reach $ 1.6 in December this year, and in 2022 the growth will continue and reach $ 3 per coin. That is, plus 1250% back in December and or an increase of 2400% for those who will not be able to sell in 2022. A very cool forecast, although its author specified that bitcoin must break through $ 65,000 and continue to grow, otherwise VeChain may fail.
We cannot be as optimistic as the predictions that were given, agree with the dependence on bitcoin and note that the reason itself for VeChain is worse in strength and in terms of dates than Polkadot. Because it does not have a long-term continuation, so if, after updating the network, we see how new companies, preferably well-known ones, begin to switch to using this technology, then there will be a completely different conversation, but for now we are aiming at a resistance of $ 0.15 in the market - this is + 30% of the current price and if we pass it, it will be possible to make plans for further growth.
The Waves coin, which at the beginning of this year cost $ 5, is already more expensive than $ 30 today and it may very well be that it is not the limit.
An interesting fact about Waves is that, unlike Polkadot or VeChain, they have everything in order with the main blockchain and the platform works, and the coin does not need news about upcoming updates to grow. Instead, back in 2020, Waves stepped up the development of areas such as DeFi and NFT on their platforms . They decided to be in the mainstream by launching stablecoins , investment services, building bridges with other blockchains and creating collectible games. This approach, coupled with fairly good marketing, has paid off in the form of 483% YTD growth.
What for today: Waves continue to move in the same spirit without slowing down, and this coin has an extremely interesting chart for the future growth prospects.
This is a week where, if the candlestick closes at the current level or higher, there will be a new closing high. Separately, we note the relative strength index, which is not in the overbought zone, there is still a reserve there, and an excess of the local maximum by RSI will also be a good sign of the trend continuation. The daily chart also gives a bullish picture, so you can make plans to storm the zone from $ 37 to $ 41 with an eye to renewing the historical high.