October Is Not “Uptober” Yet - Altcoins Struggle While Bitcoin Shines
Welcome back,
Once again, I am here to greet all of you and share the market opinion and analysis with all of you. I know a lot of you are following influencers who are shouting about altcoin incoming, altseason incoming, and that crypto is going to give you massive gain, 10x is on the way, we heard a lot of those things. But I kept saying that altseason is quite far from us, and the reason is that Bitcoin is still having a lot of strength and even Ethereum is unable to take the strength out of Bitcoin.
Currently, the market situation is quite clear. While Bitcoin is still maintaining a very important support zone created recently, altcoins are bleeding continuously. For example, a few of the tokens that we talked about recently that included ENA, PENGU, and DOG are performing badly.
My average buying price for ENA is $0.65 and currently it is trading at $0.54, so I am at least 20% below my invested price which is not a good thing. Obviously, I am not going to sell the token at a loss because I believe it is going to recover and give me another 20 to 30% gain from there as well. So I am going to hold it until ENA reaches $0.90 to $1 because that is my target.
For the DOG token, it has come down to $0.002 and thankfully I sold some of it when it was $0.0025. So I am actually happy as I was able to book profit at a higher price, and I bought that token today because this is the price point from where a 25% gain is easily going to be captured. So let’s see what happens. I am going to hold this token for now.
While Bitcoin is expected to create another all-time high in my opinion because it is continuously confirming the support and trying to break the new resistance, once it breaks it we are actually going to see a new all-time high. That is what an all-time high means. While alts are actually struggling to even break the recently created resistances, that is the reason why the strength is not coming into alts.
One more thing that I am going to share is USDT dominance is also increasing while the altcoin dominance is decreasing, and that is why we have to wait a little more. When altcoin dominance increases and USDT dominance decreases, and Bitcoin strength also comes down (that is, the dominance of Bitcoin comes down), that is the time when Ethereum and other alts are expected to perform the most.
So I am going to wait for that time to come. I hope everyone is now clear about why October is not October because nothing extraordinary has happened yet. I am still waiting for the next FOMC meeting to see if that is going to have an impact on the market.
For now, I am going to stop writing this blog and meet you all in the new one very soon.
Thank you and happy trading everyone.
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