The crypto market is in the red today after shedding 3.2% of its value. Nevertheless, the entire crypto space is still convinced October will be a green month for crypto assets. As October (Uptober) runs out, there are some altcoins to sell before election month kicks in and uncertainty hits its highest.
3 Altcoins to Sell in Uptober
October has historically been one of the best months for crypto over the past 12 years, and many anticipate a new all-time high for Bitcoin. However, the total crypto market cap, excluding Bitcoin, has fallen by 5.68% since the start of the month. While analysts consider this drop to be within the expected 10% range, the Bitcoin Fear and Greed Index has dropped from 49 yesterday to 33 today, indicating growing investor fear. Here are three altcoins to consider selling before October ends.
1. FTX Token (FTT)
FTT is the native token of the infamous FTX crypto exchange. While the token spiked by over 55% following the court approval of the FTX reorganization plan, it has also seen a sharp decline due to profit-taking, as evidenced by the long wicks.
FTT price is down 2.6% in the last 24 hours and is trading at $2.21. While the $16 billion compensation plan is good news for all of the crypto market, with selling pressure mounting, it could face a downturn in October.
2. MANTRA (OM)
OM is the main utility and governance token of the MANTRA DeFi protocol. The token recently hit a new all-time high due to the anticipation of its upcoming main net launch, topping out at $1.4746.
However, candlestick analysis shows weakness as the OM price reached a zone of resistance. The long upper wicks indicate buyer exhaustion, and the short consolidation period followed by a long black candle suggests sellers may be taking control.
Investors selling to make a profit could cause the price to drop as low as $0.85, a 34% drop from the current price. This makes OM one of the top altcoins to sell before October is over.
3. Stacks (STX)
The Stacks network is a layer-2 solution for Bitcoin that enables the deployment of smart contracts and decentralized applications (dApps) on the Bitcoin mainnet. STX is the native token of the platform and has had a nice 30% pump ahead of the Nakamoto network upgrade and the launch of a new Bitcoin-pegged stablecoin, sBTC.
While STX is expected to benefit from the Nakamoto hard fork, selling pressure could affect its price, as the chart shows the asset in a pattern with a measured move of 25% to the downside.
The STX price is $1.69, representing a 3% decrease in the last 24 hours. A 25% drop from the current price will set it around $1.28.
Conclusion
While October is indeed a green month on average, it is good to check tokens that may perform better than others and diversify into them. On the other hand, tokens like FTX (FTT), Stacks (STX), and MANTRA (OM) show signs of dropping between 25% and 40% in October (Uptober), meaning they are altcoins to sell.
The post Top 3 Altcoins to Sell in Uptober appeared first on CoinGape.
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