finbold.com
Though September started rough for stock and cryptocurrency investors, the latter parts of the month provided a strong prelude to October, or, as many within the community call the month, ‘Uptober.’
Indeed, multiple factors hint that the traditionally strong tenth month of the year will again offer a strong upside to the crypto market. One such pointer is the record rise in Tether’s (USDT) market cap, a sign that traders are accumulating the stablecoin for easier digital asset transactions.
With October and its expected rally right around the corner, FInbold examined some of the most prominent cryptocurrencies on the market to find three strong candidates for turning $100 into $1,000.
Cardano (ADA)
After experiencing a period of decline and sideways trading following the March highs, Cardano (ADA) appears poised to take full advantage of the likely upward momentum in October.
Indeed, after falling 32% in the last six months, ADA’s fortunes have reversed and the cryptocurrency is up 10.53% in the last 30 days to its press time price of $0.39.
Technical analysis, based primarily on oscillator and moving average (MA) readings and retrieved from TradingVIew, is also favorable to the token, as it rates it as a ‘buy’ when analyzing the last 24 hours in the market.
Any upcoming ADA rally would build upon the cryptocurrency ecosystem’s protracted growth, which has seen the creation of more than 70,000 new smart contracts on the network.
In terms of magnitude, the Cardano rally could see the token rocket toward $5, as its one-week Logarithmic Moving Average Convergence Divergence (1W LMACD) – a particularly decisive signal – has formed a bullish pattern already on September 24.
Uniswap (UNI)
Like many other altcoins, Uniswap (UNI) has recently started positioning itself for the likely ‘Uptober’ rally.
Indeed, after rising in the initial quarter of 2024 and then experiencing a 31.36% plunge in the last six months, UNI is nearly 30% up in the last 30 days and has climbed 13.72% in the latest seven days of trading to its press time price of $7.63.
Technical analysis based on the crypto market’s most recent 24 hours and measuring oscillators and moving averages is likewise favorable toward the token. To be precise, Uniwap boasts an overall ‘buy’ rating, per the data retrieved from TradingView by Finbold on September 30.
The current and likely future uptrend builds upon months of developments, including the July UniswapX upgrade that dramatically returned more Miner Extractable Value (MEV) while enhancing quoting speeds and trade execution, and the September ERC-7683 standard drive.
Shiba Inu (SHIB)
So far, there has been no major crypto market rally or bull cycle that has not included meme coins, and Shiba Inu (SHIB), as one of the most prominent such cryptocurrencies, is well positioned to benefit from the October bullishness.
Though newer and smaller meme coins could likely see greater upsides than established tokens like SHIB, they also carry far more risk. They don’t have a proven track record and are prone to insider trades and manipulation.
Additionally, being well below its 2024 highs but also on a recent uptrend – an uptrend that saw a 32.89% 30-day rise to $0.00001847 – SHIB has significant momentum behind it and room for growth ahead.
Still, despite technical analysis retrieved by Finbold on September 30 rating Shiba Inu as a ‘buy,’ it is worth pointing out that the token recently rejected a breakout and has traded downward in the early hours of Monday.
Finally, despite the ups and downs, the meme coin has significant potential for a major rally in October and also benefits from a string of recent ecosystem developments, such as the launch of the dApp development-focused ShibDev portal earlier in September.