During the early European session, the cryptocurrency market was slightly bearish, with the global crypto market cap falling from $936 billion to $933 billion. Despite a slowdown in the crypto market, leading crypto coins like Bitcoin and Ethereum prices are experiencing choppy sessions.
McGlone and fellow market strategist Jamie Douglas Coutts shared BI’s October cryptocurrency forecast. According to the two analysts’ predictions, bitcoin and Ethereum will outperform most assets when the economy changes.
Biggest Crypto Gainers Today, October 10
Despite the slowdown in the crypto market, a few altcoins have maintained their bullish momentum. Let us take a look.
Quant (QNT) Gains 11.66%
QNT has been one of the most active coins in the cryptocurrency market over the last five months. Since its June low of $40, the price has produced eleven consecutive non-consecutive bullish weekly candlesticks.
Sibos, the largest conference in the world devoted to financial services, has also been a recent booster for QNT prices.
Several thousand people, including Quant Network leaders, are expected to attend the conference hosted by SWIFT, which just announced its CBDC concepts.
The price of QNT is likely to be more volatile than usual on October 13 because of their upcoming speech.
Quant Network plans to capture a substantial share of the CBDC market in the future as the only simple and secure platform that offers straightforward connectivity to any DLT globally.
When nations like Australia, India, and Norway announce the launch of their own CBDC programs, the company will already have the requisite knowledge to deal with state cryptocurrencies, thanks to joint experiments with the Bank of England on the digital pound.
Today’s live Quant price is $155.26, and the 24-hour trading volume is $94 million. In the previous 24 hours, Quant has been down 1.19%, and 11.66% up in the last seven days. CoinMarketCap now ranks 31st, with a live market cap of $1.8 billion.
The QNT/USD pair is supported at $149, while resistance remains at $160. QNT has formed an upward channel, which is likely to keep the coin bullish. A break above $160 may expose the $160 level to $169.
Battle Infinity (IBAT) Pumps 3.18%
Battle Infinity’s current price is $0.003098, with a 24-hour trading volume of $352K. In the last 24 hours, Battle Infinity has gained 3.18%. CoinMarketCap currently ranks #3125. Following the success of IBAT, the coin is trending on coingecko.
Already, over a billion IBAT have been staked on the Battle Infinity platform, making the launch of the staking program a major success. This is great news for token holders, as it will reduce the supply of IBAT on the market, driving up the price.
With the staking initiative, the circulating quantity of IBAT has been drastically reduced, as one billion IBAT is more than 35% of the total.
Since so much has already been staked, selling pressure has been reduced, and the staking program means that Battle Infinity can guarantee that it can sustain a major chunk of its community for the long run.
Chainlink (LINK) Spikes 6.24%
Several recent good developments in the Chainlink (LINK) ecosystem have helped increase the blockchain’s use. Recently, Chainlink tweeted about its most recent adoptions, which included 22 applications utilizing five unique Chainlink services.
The current price of Chainlink is $7.65, with a 24-hour trading volume of $296 million. Chainlink has increased by 0.30% in the last 24 hours. CoinMarketCap currently ranks #21, with a live market cap of $3.7 billion.
The LINK/USD pair has formed a symmetrical triangle pattern, which is extending an immediate resistance near $8.31. The support level for LINK remains at $6.54.
The symmetrical triangle has the potential to break out on either side at the moment, depending on the release of fundamentals. A bullish breakout above $8.31 could propel LINK to the $9.49 level. Because the RSI and MACD have entered the buying zone, the 50-day moving average is likely to keep LINK above $7.
Huobi Token (HT) Stroms 29.14% in Seven Days
The Huobi Global native cryptocurrency – rose by almost 29% in the seven days after Justin Sun said he would accept an advisory role in the exchange. Tron’s founder, Justin Sun, is a mysterious owner of Huobi Global, the cryptocurrency exchange. It was made public only a week after the company announced a change in its shareholder structure.
A buyout rumor, however, has been denied by him. Sun has been relegated to the position of global advisor. This comes after it was reported that Huobi founder Leon Li was looking to sell his majority stake for more than $1 billion, putting the value of the exchange at $3 billion.
In addition to receiving new funding, the company’s growth and development initiatives will be overseen by the Global Advisory Board, which was recently established.
Huobi disclosed the new unit’s formation on Sunday and promptly invited industry leaders to join it. Justin Sun, the Chinese entrepreneur and founder of the TRON Foundation, was one of those people.
Following the news, Huobi gained 24% in 24 hours and is now approaching a major resistance level of $5.50. The HT/USD has formed a bullish engulfing candle on the daily timeframe, indicating a strong bullish bias.
Because HT has entered the overbought zone, we may see a slight bearish correction until the $4.48 level before continuing the next flight.
Terra Classic (LUNC) Steady Near $0.00029
Terra Classic’s current price is $0.000294, with a 24-hour trading volume of $501 million. In the last 24 hours, Terra Classic has dropped 1.56%. CoinMarketCap currently ranks 32nd, with a live market cap of $1.8 billion.
Recalling Terra Classic price prediction, an updated burn mechanism for the Luna Classic (LUNC) token developed by cryptocurrency exchange Binance has sparked fresh interest in the token’s original Terra chain.
It is demonstrating an immediate support bear $0.58855 level. A break below this opens up extra selling space till the $0.58855 level. The coin is supported by the 50-day moving average, located near $0.0631764.
For the time being, a breakout of the immediate resistance level/double top level can drive TRX to $0.07157 while support remains at $0.600.
Terra Classic Jumps amid Re-Peg Proposal
After the infamous failure of the Terra ecosystem, the field of algorithmic stablecoins took a major hit (including UST). After the catastrophic event, the Terra community was divided between those who favored the updated version (still known as Terra) and those who preferred the older, now-defunct Terra Classic.
Even though it’s unusual for a cryptocurrency meant to be stable, the price of Terra Classic USD (also known as USTC), a stablecoin, has increased by 40% in the past day. Tobias Andersen has recently submitted a proposal to re-peg the stablecoin, which would address some of the problems currently confronting the protocol.
LUNC has technically bounced off the 50-day moving average line at $0.000279 and is currently trading at 0.000294. At $0.000279, the LUNC/USD has completed a 61.8% Fibonacci retracement, and candles closing above this level improve the possibility of a bullish reversal.
The immediate resistance level for LUNC is $0.000342, which is prolonged by a 38.2% Fibonacci retracement. Above this, LUNC can aim for the 50% and 61.8% Fibonacci retracement levels of $0.000392 and $0.000440, respectively.
Tron (TRX) Spikes TRON Gains 3.78%
TRON’s current price is $0.063578, with a 24-hour trading volume of $536 million. TRON has increased by 1.59% in the previous 24 hours.
CoinMarketCap now ranks 15th, with a live market cap of $5.8 billion.
Despite a 3.78% increase, the TRX token trades sideways in a symmetrical triangle pattern.
It is demonstrating an immediate support bear $0.58855 level. A break below this opens up extra selling space till the $0.58855 level. The coin is supported by the 50-day moving average, which is located near $0.0631764.
For the time being, a breakout of the immediate resistance level/double top level has the ability to drive TRX to $0.07157, while support remains at $0.600.
Alternatives Coins- Tamadoge & IMPT in Focus
The project’s native currency, the IMPT token, has already raised more than 3 million after only six days of presale, having sold 172 million tokens. Despite the blockchain-based carbon credit marketplace opening its auction during a weak market in bitcoin, demand for the marketplace token remained robust.
Tamadoge, a meme coin, has gained traction since its yearly low of $0.01683. OpenSea is now selling ultra-rare Tamadoge NFTs for 1 WETH. Tamadoge has risen to become the third most valuable meme coin in the cryptocurrency market.
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