September turned out to be a moderately bullish month for the crypto market. At the end of the month, many cryptocurrencies, and especially Bitcoin, accelerated their growth rates
October started off with significant gains across the market spectrum, but these three cryptocurrencies still maintain a bearish outlook. Most likely, the worst is yet to come for them.
Apecoin (APE) almost below $1
ApeCoin is the native token of Yuga Labs’ Ape ecosystem, which includes one of the most popular NFT collections, Bored Ape Yacht Club.
As technical analysis shows, since April 12, the APE price has been declining along the descending resistance line. It has been repeatedly tested for strength. The last time this happened was on August 14th (red icon).
The rebound accelerated the rate of price decline and threw it back to a new historical low, noted on September 17 at $1.06. Since then the price has been rising.
However, despite the growth, APE has not yet reached the resistance formed by the descending trend line. Additionally, the coin is trading below the $1.40 horizontal area, which is likely to provide resistance to the price. The fact that the line coincides with this area increases its significance.
The daily RSI does not help in any way to determine the future direction of the price. This momentum indicator is rising but still below the 50 neutral line (red circle). This is a sign of an uncertain trend.
Source: TradingView
A bullish trendline break would likely see the price rise 65% to the next resistance at $2. However, if the price fails to overcome the resistance at $1.40, then it could decline by 12% and fall to the horizontal support area of $1.05.
Read also: Bitcoin (BTC) recovered at the end of September. Will the momentum continue in October?
Chiliz (CHZ) Fights Long-Term Resistance
Similar to APE, the price of the CHZ fan token has been declining below a descending resistance line since the beginning of the year. The drawdown culminated in the low recorded on September 11 at $0.055. The price then rebounded and has continued to rise ever since.
Chili almost reached the main horizontal resistance at $0.065. This area has alternated between support and resistance since June. Therefore, it is very important that the price overcomes it, then the trend can be considered bullish.
The daily RSI supports the possibility of a bullish breakout as it has risen above the neutral level of 50 (green icon) and is rising.
Although the RSI is providing bullish signals, the proximity to the long-term downtrend line reduces the magnitude of the potential upside. A break above the $0.065 area would likely only see the price rise 23%, allowing it to reach the falling resistance line at $0.077.
On the downside, a bounce from the $0.065 area would likely lead to a 10% fall to immediate support at $0.057.
EOS is another bearish currency for October
Price EOS since June 2021 it has been declining under the descending resistance line. More recently, in April 2023, it bounced off this line and accelerated its rate of decline.
Then in June the price sank below the horizontal support area of $0.90. The bearish breakout brought the token to a low of $0.50, reached in August just above the all-time low of $0.47.
After this, the price rebounded, but still remains below the descending resistance line.
Source: TradingView
If EOS breaks below the $0.50 area, it could fall 80% and reach the next Fibonacci support at $0.12. However, in the event of a bullish breakout, the price could rise by 50% to the $0.90 area.
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2023-10-02 17:15:00
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