Home News Crypto Forecast October 2023: BCH’s Rise, EOS’s Decline, and Ethereum’s Breakout Potential

Crypto Forecast October 2023: BCH’s Rise, EOS’s Decline, and Ethereum’s Breakout Potential

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Crypto Forecast October 2023: BCH’s Rise, EOS’s Decline, and Ethereum’s Breakout Potential

The cryptocurrency industry has seen a whirlwind in October 2023. With notable price swings and market forecasts, investors and enthusiasts are eager to comprehend the possible course of major cryptocurrencies. The main forecasts for the month are broken down as follows:

Bitcoin Cash (BCH) Is Expected to Climb

Since reaching its yearly high of $329 in June, Bitcoin Cash has been declining. On the other hand, the Elliott Wave theory, which examines recurrent long-term price trends, indicates that BCH is about to rise. Should the forecasts come to through, BCH might gain in value by 75% from its current level and hit a new annual high close to $425.

2. There Could Be a Decline for EOS

Since May 2021, EOS has been trading below a declining resistance trendline. The $0.50 mark, which is also its all-time low support level, is a major cause for concern. EOS might drop 80% from its present price to $0.13 if it breaches this barrier.

3. Ethereum (ETH) Exhibits Potential

For more than a year, Ethereum has been trading in a downward wedge relative to Bitcoin. Since the wedge is usually interpreted as a bullish pattern, Ethereum may be preparing for a breakout given that the daily relative strength index (RSI) shows positive divergence. Should it happen, ETH might rise by 25% and aim for the resistance zone around ₿0.0075.

Conclusions & Learnings:

With projections for various cryptocurrencies ranging from bullish to negative, the cryptocurrency market is still erratic.
Important levels of support and resistance should be closely monitored by investors since they may hint at future market moves.
In order to survive in the unstable cryptocurrency market, diversification and careful investigation are essential.

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