ZEC is edging closer to one of its best monthly finishes in recent years. The highlights of the session included reaching levels not seen in years and recording an exponential price increase.
The broader cryptocurrency market also posted notable gains over the last 28 days, surging more than 8%. Its total market capitalization approached $3 trillion, but that was not the only notable development. The altcoin market cap surged by more than 10%, reaching $1.20 trillion. In a nutshell, altcoins experienced a notable uptrend throughout September.
The altcoin market has continued to build on the previous month’s momentum, when its total capitalization increased by more than 18%. Calls for an altseason are also gaining traction across social media platforms. Interestingly, the Altcoin Season Index has climbed to its highest level in more than 90 days.
The unanswered question is whether altseason will begin next month. While that remains to be seen, October has historically been a favorable month for crypto assets. Additionally, indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) suggest that bullish momentum remains strong on the 1-month chart.
More importantly, several assets received fundamental catalysts in recent days that could continue to influence their performance next month. Here are some altcoins to watch over the next 30 days and the factors that could shape their performance.
ZEC/USD
Zcash has been on the rise over the last two months. It gained a whopping 85% in August and continued its uptrend over the last 28 days. The asset is now approaching a monthly close with gains exceeding 65%.
However, this does not tell the full story of what transpired. ZEC edged closer to $1,700 a few days ago but was rejected. It flipped the $1,500 level as previously anticipated and peaked at $1,693. Following its inability to break through the resistance, however, the coin has been declining.
One of the driving forces behind the uptrend was the launch of its ETF. A few days after going live, the investment product recorded notable capital inflows, helping push the price higher. At the time of writing, however, demand and trading volume for ZEC’s ETF are declining, a development that is also reflected in the token’s price action.
Two key factors stand out from the preceding analysis: ZEC is losing momentum on the 1-day chart, while one of its primary catalysts is receiving less attention. These developments could contribute to further downside in October.
Adding to the concerns is a recent bearish MACD crossover. Notably, it is the most pronounced crossover in the last three months. Falling RSI also supports the view that buying pressure is weakening.
On the 1-day chart, the ZEC/USD pair recently lost a key support level. If it fails to rebound at $1,300, the next level to watch is the $1,000 mark.
DOGE/USD
Dogecoin may end September with gains exceeding 13%. It is also extending the previous month’s uptrend, which saw the asset gain more than 19%.
On the 1-day chart, DOGE printed a doji on Tuesday as trading volume remained subdued. A closer look shows that the asset retested a short-term support level it has held since last week. However, downside risks are increasing as DOGE has posted lower highs over the past four days.
In a nutshell, the first few days of next month could see further downside. Adding to the concerns are readings from the MACD, which is approaching a bearish crossover and aligns with the weakening momentum.
If prices play out as anticipated, Dogecoin may retest $0.085. If the bulls fail to defend that support, a drop to $0.080 could follow. Conversely, the altcoin could recover during the second half of October if buying pressure returns.
NEAR/USD
NEAR Protocol gained notable attention during the second half of September as it reached several milestones. Its privacy-focused features were among the factors supporting the rally. Adding to the bullish catalysts were its integration with Ondo and the launch of NEAR spot trading on Hyperliquid.
While these developments are no longer providing the same immediate price catalyst, the Bitwise exchange-traded product tied to the altcoin has emerged as another factor supporting the recent recovery from Monday’s retracement.
Interestingly, a previous analysis suggested that the ETF-related development could help push prices higher over the following two weeks. However, the current technical setup also raises the possibility of a trend reversal within the next three weeks.
The first resistance to watch is $6. On the 1-week chart, after flipping $5, the $6 level has become the next critical mark. If NEAR breaks above it, a surge toward $7 could follow. However, failure to break through the resistance could send NEAR back below $5.
SUI/USD
SUI has maintained a consistent upward trajectory over the last two weeks. It gained a whopping 68% during this period but faced notable rejection at $1.30. Interestingly, this is not the first time the asset has encountered significant selling pressure at that level.
In May, the altcoin tested the same barrier but failed to break above it. Following the rejection, SUI experienced a significant correction. If history repeats itself, the coin could be heading for another pullback that may extend into the coming week.
Adding to the concerns is SUI’s overbought status. Like ZEC, its RSI dropped below 70 a few days ago but remains close to the threshold. This points to elevated downside risk, while any buyback at the current price could struggle to sustain itself.
The 1-day chart identifies $1 as the next potential support level. Conversely, if market conditions improve and buying pressure returns, SUI could attempt a move toward $1.50.
QNT/USD
Quant Network received two major endorsements over the last two weeks. The first came from six Canadian banks, which agreed to explore tokenized deposits on the network. A few days later, The Clearing House announced a similar initiative involving the blockchain.
These developments contributed to QNT’s massive 340% surge last week. Interestingly, the announcement could have longer-term implications for the asset, potentially creating the foundation for additional bullish catalysts next month.
Based on the fundamental developments, QNT could potentially surge above $400. However, technical indicators are becoming increasingly stretched. One notable example is the RSI, which, like ZEC’s, has moved deeply into overbought territory.
A previous analysis estimated that QNT could experience a 30% to 60% correction over the following 30 days based on historical price action. If the technical setup begins to outweigh the fundamental catalysts, October could therefore become a critical month for the asset.
