Uptober: These cryptocurrencies have bullish potential in October

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October 1, 2024

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Uptober: These cryptocurrencies have bullish potential in October
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The month of September started off difficult for stock and cryptocurrency investors, but in recent weeks the market has shown signs of recovery. Bitcoin, for example, recorded its best month of September in history in terms of appreciation.

Now that October has begun, investors are eagerly awaiting valuations. Historically, the month of October is positive for cryptocurrencies. For this reason, he received the nickname “Uptober”.

One of the indicators of this bullish expectation is the record increase in the market value of the stablecoin Tether (USDT). This suggests that traders are accumulating the stablecoin to facilitate transactions with other digital assets.

With the month of October approaching and the expectation of a possible bullish rally in the crypto market, some cryptocurrencies stand out as promising options for investors looking to multiply their gains. Finbold highlighted three cryptocurrencies that could give good returns this month: Cardano (ADA), Uniswap (UNI) and Shiba Inu (SHIB).

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Cryptocurrencies that can appreciate in value on Uptober

After a period of decline, Cardano (ADA) appears to be preparing for a move higher in October. In the last six months, the token accumulated a drop of 32%, but reversed this trend in recent weeks, rising 10.53% in 30 days, reaching a price of US$0.39. Technical analysis based on oscillators and moving averages also suggests that momentum is positive, with buy signals in the last 24 market hours.

Additionally, Cardano continues to expand its ecosystem, with more than 70,000 new smart contracts created on the network. This strengthens the growth outlook for the cryptocurrency. The LMACD (Logarithmic Moving Average Convergence Divergence) indicator chart formed a bullish pattern at the end of September, which reinforces expectations that ADA could reach significant values in the coming weeks.

Another asset that is attracting investors’ attention is Uniswap (UNI), which has recently started showing signs of recovery. After rising in the first quarter of 2024 and suffering a 31.36% drop in the last six months, UNI recorded an increase of almost 30% in the last 30 days, reaching $7.63.

The technical analysis is also favorable, with the token being classified as a good buying option, according to data from TradingView. This positive scenario is supported by recent improvements to the protocol, such as the UniswapX update, which increased transaction efficiency and returned more value to miners, in addition to other implementations of the ERC-7683 standard in September.

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Meme tokens like Shiba Inu (SHIB) traditionally participate in cryptocurrency market bull cycles, and this year should be no different. Despite being below its 2024 highs, SHIB has shown significant growth in recent weeks, rising 32.89% in 30 days to reach $0.00001847.

Although newer meme cryptocurrencies may show greater variations, SHIB has an advantage due to its consolidated history and recent updates to its ecosystem, such as the launch of the ShibDev portal for developing dApps. With these developments and the optimism for October, Shiba Inu could be one of the top cryptocurrencies to benefit from a market rally.

Uptober: These cryptocurrencies have bullish potential in October

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Uptober: These cryptocurrencies have bullish potential in October