Since last weekend, the cryptocurrency market has shown a new recovery trend, with Bitcoin recovering from $60,000 to $67,000. ETH, the second-largest cryptocurrency, led this bullish momentum in the altcoin market, fueled by the debut of a spot exchange-traded fund (ETF) in Australia. As Uptober progresses, these five Ethereum tokens could help investors reach the $1 million mark.
Turn up to $1 million in these 5 Ethereum tokens
The first half of the Uptober rally was hampered for crypto participants, mainly due to geopolitical tensions in the Middle East. However, buyers in the market are starting to show resilience to these events, as evidenced by Bitcoin’s sharp rally to $67,000.
Ethereum price is set to recover from the recent market retracement, so emerging tokens such as SHIB, UNI, Pepe, IMX, and WLD could fuel a sustained rally.
Shiba Inu (SHIB)
The second largest meme cryptocurrency, Shiba Inu (SHIB), has been trading sideways for the past two weeks, stabilizing above the $0.000016 line. This reversal from support saw the asset rise 15% by trade, increasing its market cap to $10.61 billion.
If you analyze the daily chart, you will see that rising assets are forming a bullish reversal pattern called an inverted head and shoulders. Typically, this pattern plays out at the bottom of a major market, driving a sustained rally after a neckline breakout.
Shiba Inu’s price prediction shows that buyers are 13.5% away from decisively breaking through the neckline resistance.
SHIB/USDT -1 day chart
Uniswap (UNI)
Uniswap (UNI) is currently trading at $7.7 and ranks second on the list of Ethereum tokens with a market cap of $4.64 billion. The uptrend line on the daily chart drives the current recovery trend in UNI price and provides dynamic support for buyers to regain bullish momentum.
Furthermore, the supply of UNI on exchanges has steadily declined from April’s high of 82.6 million to 77.8 million, a loss of 5.8%. Reducing the supply available on the exchange reduces the risk of market selling pressure and ultimately helps maintain a steady upward trend.
Supply on the Exchange | Santiment
Pepecoin (PEPE)
The frog-themed meme coin has seen a notable rise from $0.00000833 to $0.0000105 over the past two weeks, accounting for an increase of 21.85%. This reversal indicates that buyer sustainability is above the 200-day exponential moving average, suggesting that buyers have the upper hand in advancing this asset.
Furthermore, according to Santiment data, wallets holding 10 million to 100 million PEPE have seen their holdings increase significantly from 3.27 trillion to 3.72 trillion coins in the past five months.
This accumulation by large holders suggests growing confidence in the long-term potential of PEPE prices, and shows that institutional and whale investors are bracing for potential price spikes. There may be.
Supply Distribution | Santiment
Immutable X (IMX)
Among other Ethereum tokens, Immutable X (IMX) has shown a steady recovery that resonates within two converging trend lines in a wedge pattern. Coingecko said the recent reversal from the pattern’s lower trendline pushed the asset from $1.36 to $1.56, a 14.3% gain, and the market cap soared to $2.54 billion.
Chart setup usually restores bearish momentum towards the next breakdown, but if buyers challenge the overhead trendline, the theory could be invalidated. IMX price is 25% away from breaking above the resistance trendline, driving a sustained recovery trend.
IMX/USDT -1 day chart
World Coin (WLD)
In contrast to other Ethereum tokens, WorldCoin (WLD)’s daily chart shows a smooth trade sideways from a downtrend, taking advantage of the $1.27 floor. The bottom support sent the price up 77% to trade at $2.27, demonstrating a well-known reversal pattern known as bottom rounding.
Under the influence of this pattern, WLD price decisively broke yesterday’s resistance level at $2.17, providing enough support for buyers to push further upwards. Furthermore, the number of 24-hour active addresses on the Worldcoin network has jumped to 795, indicating an increase in network activity and engagement.
Address valid for 24 hours | Santiment
A chart pattern backed by on-chain activity showed that it will drive a sustained rise in WLD coin.
Frequently asked questions (FAQ)
Ethereum tokens such as SHIB, UNI, PEPE, IMX, and WLD are showing strong bullish reversal patterns and increased on-chain activity and are positioned for significant upside during the Uptober period.
Shiba Inu has formed a bullish reversal pattern called a reverse head-shoulder, with a distance of 13.5% to a definitive breakout.
World Coin recently broke through key resistance at $2.17 on the back of a 77% price increase and a surge in active addresses to 795, indicating growing network engagement.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where his passion for trading continues to explore opportunities.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
