Be[In]Crypto has taken a look at five promising cryptocurrencies for this month of October 2022, as well as the events surrounding their respective projects.
Reserve Rights (RSR)
- Price: $0.00811
- Market cap: $342 million
- Ranking: n°97
RSR is the native Reserve Protocol token, launched in 2019. RSR is used to insure Reserve stablecoins (RTokens) through staking.
The protocol has the long-term goal of creating a global, decentralized stablecoin that is also inflation-proof, while not pegged to any fiat currency. For this, the protocol aggregates a set of tokenized assets, which in turn will back the coin.
Reserve Protocol announced the start of the deployment of its complete protocol in October, with the launch date of the mainnet probably being to October 10. At that time, the platform and the decentralized application (dApp) will be activated, allowing the creation of RTokens.
The price of the RSR token broke through a descending resistance line on September 23 and validated it as support three days later (green arrow). Since then, the price has risen and created a bullish recovery candlestick on September 27th.
If the upside move continues, the next resistance zone will be found at $0.012.
Theta Network (THETA)
- Price: $1.10
- Market cap: $1.09 billion
- Ranking: No. 46
THETA is a blockchain-powered network, based on video streaming, and launched in 2019. Its native token is THETA, which is mainly used for governance.
Its utility token is Theta Fuel (TFUEL), which allows rewards to be distributed to streamers. Theta Network’s primary goal is to decentralize video streaming, making it more efficient and cost effective for content creators and consumers alike.
The Theta 4.0 mainnet, as well as Theta Metachain SDK, is scheduled to be released on the testing network
for this October 1st. This will be the last step before the general launch scheduled for December 1st.
The price of the THETA token has been found just above the $1.10 horizontal support zone since May.
Although it appeared to pass below this zone on September 20, it has since regained it. If THETA once again falls below this zone or otherwise validates it as support, this will likely determine the direction of the trend.
- Price: $48.75
- Market cap: $1.14 billion
- Ranking: No. 45
Elrond is a blockchain protocol that is characterized by the use of the sharding mechanism, which allows extremely fast transactions. Its smart contract execution platform is capable of executing 15,000 contracts per second, at a cost of only $0.001.
The platform’s native token is EGLD, which is used for staking, paying network fees, and rewarding validators.
Several new items are expected to be launched between October and the end of the year, notably :
- Elrond Growth 2.0
- Elrond Gamify
- Stage 4 of staking
- NFT Marketplace
- Multi-signature model for DAO
The price of the EGLD token has been declining inside a falling wedge pattern since August 18. After consolidating for more than a month, the price started to move higher on September 28 and broke the wedge two days later.
If the upside move continues, the nearest resistance zone would be at $57.50. This is a horizontal resistance zone and the 0.5 Fibonacci retracement level.
Floki Inu (FLOKI)
- Price: 0.0000082 $
- Market capitalization: 74,764 millions of dollars
- Classification: n°2772
Floki Inu (FLOKI) is a dog-centric meme cryptocurrency created by the Shiba Inu (SHIB) community and their fans. The piece is named after Elon Musk’s dog, a Shiba Inu breed, called Floki.
Floki Inu aims to launch three projects:
- A gaming metaverse using non-fungible tokens (NFTs) (Valhalla).
- A marketplace of derivative products in NFT (FlokiPlaces)
- An education platform (Floki Inuversity)
Additionally Floki’s Project L was launched in July. It is a utility protocol that burns FLOKI tokens for transactions, thus making this asset a deflationary currency. Other novelties are planned between October and the end of the year, such as a patch update for Valhalla, DeFi staking and farming, as well as Gemstone NFTs.
The price of the FLOKI has been falling since its peak reached on August 2. On September 18, the price broke through an ascending support line and validated it as resistance on September 27 (red arrow).
In the event of another downward move, the nearest support zone would be at $0.0000065.
- Price: 53.91 $
- Market capitalization: 3.84 billion of dollars
- Ranking: No. 21
Launched on October 7, 2011, Litecoin (LTC) is one of the oldest cryptocurrencies in the industry, and was created on the basis of the Bitcoin (BTC) protocol. However, it differs in its hashing algorithm, block transaction times, and hard cap.
The cryptocurrency has been subject to several updates over the years, the biggest of late being the MimbleWimble testnet, launched in late 2020. The annual Litecoin summit will be held on October 22 and 23 in Las Vegas.
Between July 29 and September 13, LTC price created a triple top pattern below the $64 horizontal resistance zone. The third high also generated a very long upper wick, a sign of selling pressure.
On September 19, LTC reached the $52 horizontal support zone and bounced back. Thus, it is currently trading within a range between $52 and $64.
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Top 5 Cryptocurrencies to Watch in October – BeinCrypto
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