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Bitcoin‘s price has started the new month with a rise. Historically, October usually hosts double-digit price increases in cryptocurrencies. Currently, there is an expectation of an upward trend in the crypto market, but since BTC has not yet closed at higher levels, every pullback shakes altcoins. On the other hand, the increase in volume along with the price is positive.
Altcoin Analysis for October
Although the crypto markets started the new month with an upward trend, there is a risk of a decline for 3 popular cryptocurrencies. Apecoin (APE), Chiliz (CHZ), and EOS are hovering near long-term declining resistance lines. What does this mean? What are the price levels that need to be protected?
Apecoin (APE)
The fluctuation in Bitcoin’s price did not wash away the downward setups in altcoins. For example, APE Coin is currently finding buyers at $1.18 and the downward scenario continues. Moreover, if the increase in BTC price rapidly reverses, the price, which is not increasing enough, can experience a rapid decline faster than expected.
APE Coin dropped below the critical declining trend resistance line on April 12 and last tested it in July during the summary decision for XRP Coin. On September 17, the price dropped to $1.06. If the trend line is broken, the price, which could target $2, is currently at risk of falling below $1.05.
Chiliz (CHZ)
A similar outlook applies to CHZ Coin as well. The price has fallen below a declining resistance trend line since the beginning of the year. The decline resulted in a bottom of $0.055 on September 11. Chiliz has almost reached the $0.065 resistance area. If this critical zone is surpassed, the downward scenario can reverse as it has acted as resistance multiple times.
If the resistance zone is surpassed, a double-digit increase to $0.077 is possible. However, if the resistance zone is rejected, we can see the price dropping to the nearest support level of $0.057, with a decrease of approximately 10%.
EOS Coin Analysis
It used to be among the most popular altcoins at one time, but the increase in alternatives has negatively affected its popularity. The price of EOS has fallen below a declining resistance line since June 2021. This line was last tested in April.
EOS Coin price is at risk of an 80% decline with a close below $0.5. The Fib target points to the support zone of $0.12.
