As October 2024 approaches, Bitcoin (BTC) is showing signs of slowing down, leading investors to explore potential breakout opportunities in the altcoin market. With speculation of an altcoin season heating up, here are three altcoins that are predicted to outperform Bitcoin this month.
Stacks is a Bitcoin layer-2 project designed to enhance the development of smart contract applications on the blockchain. The native token, STX, has surged by 20% in the past week, making it a strong contender in the altcoin space.
The anticipated Nakamoto upgrade on October 9 is expected to bolster the decentralized finance (DeFi) sector on the Bitcoin network. Additionally, Stacks may introduce a Bitcoin-pegged token, sBTC, alongside the mainnet upgrade.
Currently, STX is priced at $1.964, having previously dipped to $1.05 during the August 5 crash. The recent formation of an inverse head-and-shoulders pattern indicates a potential bullish reversal, paving the way for a price increase.
While STX faces resistance at $2, support at $1.73 suggests a rebound is imminent. If successful, Stacks could rise by another 20% to reach $2.38 in October 2024. Conversely, failure to break the $2 resistance may lead to a decline below $1.73.
RUNE, the native cryptocurrency of THORChain, is also expected to outperform Bitcoin this month. The recent increase in RUNE’s trading volume has contributed to a notable 30-day price rise.
Currently priced at $5.34, RUNE is encountering resistance at $5.40. A brief pullback may occur, reminiscent of previous price movements. However, RUNE could bounce back, potentially surging to $7.54 in October 2024.
On the downside, if buying pressure wanes, RUNE's price might drop to $4.50, invalidating this optimistic forecast.
Fantom is gaining attention due to the upcoming Sonic upgrade, which aims to enhance translation speeds and storage efficiency on its blockchain. This upgrade is expected to contribute to Fantom's continuing success as one of the best-performing altcoins.
With the potential for significant improvements, Fantom is well-positioned to attract investor interest and may achieve substantial price gains in the coming weeks.
As the altcoin market evolves, these three projects—Stacks, THORChain, and Fantom—are poised for potential growth, making them worth watching as October unfolds.
