Since last weekend, the crypto market witnessed a renewed recovery trend as Bitcoin bounced 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 potentially help investors reach the $1 million mark.
Turn Uptober into $1M with These 5 Ethereum Tokens
The first half of the Uptober rally was hindered for crypto participants, primarily due to geopolitical tensions in the Middle East. However, market buyers have begun showing resilience to these events, as evidenced by Bitcoin’s sharp recovery to $67,000.
As Ethereum’s price is set to recover from recent market retracements, emerging tokens like SHIB, UNI, Pepe, IMX, and WLD could fuel a sustained rally.
Shiba Inu (SHIB)
Shiba Inu (SHIB), the second-largest meme cryptocurrency, has traded sideways for the past two weeks, stabilizing above the $0.000016 line. A reversal from this support has uplifted the asset 15% up to trade while the market cap boosted to $10.61 Billion.
An analysis of the daily chart shows the upswing asset is forming a bullish reversal pattern called the inverted head and shoulder. Generally, the pattern is developed in a major market bottom and drives a sustained rally post-neckline breakout.
The Shiba Inu price prediction shows a 13.5% distance before the buyers provide the decisive breakout from neckline resistance.
Uniswap (UNI)
Uniswap (UNI) stands second in our list of Ethereum tokens currently trading at $7.7 and holding a market cap of $4.64 Billion. An ascending trendline in the daily chart drives the current recovery trend in UNI price, providing buyers with dynamic support to recuperate the bullish momentum.
Moreover, the UNI supply on exchange has steadily plunged from the April top of 82.6 Million to 77.8 Million coins, accounting for a 5.8% loss. The reduced available supply on exchange decreases the risk of market selling pressure and eventually helps to maintain a steady uptrend.
![Uniswap [on Ethereum]](https://coingape.com/wp-content/uploads/2024/10/Uniswap-on-Ethereum-UNI-03.27.52-16-Oct-2024.png)
Pepe Coin (PEPE)
The Frog-themed meme coin showed a notable upswing from $0.00000833 to $0.0000105 in the last two weeks, accounting for a 21.85% surge. The reversal displayed the buyer’s sustainability above the 200-day exponential moving average, suggesting buyers hold the upper hand to drive this asset.
Moreover, Santiment data reveals that wallets holding between 10 million and 100 million PEPE have significantly increased their holdings from 3.27 trillion to 3.72 trillion coins over the past five months.
This accumulation by large holders suggests growing confidence in PEPE price long-term potential and may indicate that institutional or whale investors are positioning themselves for a potential price surge.
Immutable X (IMX)
Among the other Ethereum tokens, the Immutable X (IMX) shows a steady recovery resonating within two converging trendlines of wedge patterns. A recent reversal from the pattern’s lower trendline has updated the asset from $1.36 to $1.56, registering a 14.3% increase while the market cap surged to $2.54 Billion, as per Coingecko.
While the chart setup typically recuperates the bearish momentum for the next breakdown, the buyers could invalidate the thesis if they challenge the overhead trendline. The IMX price is 25% away from surpassing the upper resistance trendline and drives a sustained recovery trend.
Worldcoin (WLD)
Contrary to other Ethereum tokens, the Worldcoin (WLD) daily chart shows a smooth transaction from downtrend to sideways, utilizing the $1.27 floor. The bottom support has boosted the price by 77% to trade at $2.27 and shows a well-known reversal pattern called rounding bottom.
Under the pattern’s influence, the WLD price gave a decisive breakout from the $2.17 resistance yesterday, providing buyers with sufficient support to drive a higher rally. Additionally, the 24-hour active addresses on the Worldcoin network surged to 795, signaling increased network activity and engagement.
The chart pattern backed by on-chain activity showed drive a sustained rally for the WLD coin,
Frequently Asked Questions (FAQs)
Ethereum tokens such as SHIB, UNI, PEPE, IMX, and WLD are showing strong bullish reversal patterns and increased on-chain activity, positioning them for significant rallies during Uptober
Shiba Inu is forming a bullish reversal pattern called the inverted head and shoulders, with a 13.5% distance before a decisive breakout
Worldcoin has recently broken above key resistance at $2.17, backed by a 77% price increase and a surge in active addresses to 795, indicating growing network engagement
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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