The month of October, better known as “Uptober” in the crypto market, is expected to trigger rallies and gains for many altcoins.
BeInCrypto has analysed the top three tokens that should be on your watchlist this week and what you should expect from their price action.
FTX Token (FTT)
FTT price has already been rallying over the last few days as the rumors of the repayment to creditors began making the rounds. This led to the altcoin noting an 84% surge in the last eight days.
Trading at $2.57, the FTX token is expected to continue its rally this week as the actual hearing of the repayment plan is scheduled for October 7. This hearing could be the path to $16 billion worth of distribution among creditors.
Read More: Who Is John J. Ray III, FTX’s New CEO?
FTT Price Analysis. Source: TradingView
Consequently, FTT’s price could benefit from the surge in optimism, pushing the altcoin to $2.98 and higher. However, after the announcement of repayment, FTT might experience a pullback as traders could follow the principle of buying the rumor and selling the news.
MANTRA (OM)
MANTRA’s mainnet is scheduled to go live sometime before the end of this month, and the effects of the anticipation can already be seen in OM’s price. The native token of the L1 chain established a new all-time high today.
OM price’s previous ATH was established back in mid-July, and the new high was $1.47. However, by the looks of it, this ATH will be short-lived as the bullishness could keep driving the price higher.
Read More: How To Invest in Real-World Crypto Assets (RWA)?
OM Price Analysis. Source: TradingView
Nevertheless, if the investors attempt to cash out at the current price, a drawdown is on the cards. The next likely support could be formed around $1.20, but further drawdown could bring OM to $1.04.
Stacks (STX)
STX price does not have an all-time high scheduled anytime soon, but a rally is still on the cards. This is because the altcoin’s network will be going through one of the biggest hard forks – Nakamoto.
The Nakamoto upgrade on October 9 is expected to enhance the network immensely by reducing the Stacks’ block time to five seconds. Along with this the upgrade will also create 100% Bitcoin finality.
Read More: What Are Sidechains And How Do They Work?
STX Price Analysis. Source: TradingView
Consequently, STX price is expected to rally to $2.06, the next crucial resistance level. Breaching it will enable a rise to $2.26 and also mark a four-month high for the altcoin.