Top Altcoins Ready For A Bull Run Amidst Bitcoin Recovery, Will October Rally Be Intense?
- Patricia ArquetteOriginal
- 2024-10-06 01:26:101039browse
With a minor recovery in Bitcoin after a crash from $65K to $60K amid global market corrections, the altcoins are rising again. Amidst the relief
As Bitcoin recovers from a market correction that saw its price drop from $65K to $60K, altcoins are once again on the rise. Among them, a select few are teasing a price jump in anticipation of a bull market.
Will a bull run in these altcoins contribute to an intense rally in the highly anticipated October rally? Find out now in our price analysis.
Top Altcoins Ready For A Bull Run
Ether.fi (ETHFI)
On the daily chart, ETHFI token price showcases a strong resistance trendline amid a long-term declining trend. However, the downfall showcases a sideways shift around the $1.25 mark, indicating bearish exhaustion.
The altcoin faces strong resistance around the $1.80 resistance level, creating a consolidation range. Moreover, the RSI line showcases a bullish divergence building up in the consolidation.
From the 50D EMA, the recent breakout attempt quickly reversed from the upper trendline, leading to another drop to the $1.25 mark. Now, the altcoin showcases a recovery with a 6.64% gain, forming a bullish engulfing candle that completes a morning star.
Based on the Fibonacci levels, the uptrend in ETHFI token is expected to scale to the 23.60% Fibonacci level at $2.821 with the trendline breakout. Further, with the broader market recovery, ETHFI could hit $4.58.
Wormhole (W)
On the 4-hour chart, Wormhole quickly recovers with the 50 EMA support in the uptrend, showcased by a rising support trendline. The uptrend showcases a recovery of nearly 80% in 16 days, creating higher high formations.
Moreover, the 4-hour chart showcases a rounding bottom reversal, failing to cross the neckline at $0.37. Currently, the altcoin trades at $0.3422 with a 5.69% loss in two consecutive 4H bearish candles.
Despite the bullish rally, the 4-hour RSI line showcases a slight divergence, hinting at a pullback to the trendline. However, the crucial support provided by the 50 EMA in the market crash hints at an extended rally.
Based on the price analysis of the daily chart, Wormhole altcoin is testing the $0.3766 resistance level on the 4H chart. A breakout rally is expected to test the $0.51 and $0.73 levels if the broader market recovers.
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