Three Cryptos That Crashed in October | Credit: Hameem Sarwar
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Key Takeaways
October has been a bearish month for the crypto market.
Bitcoin’s (BTC) price fell by 4% and alts suffered more.
IP, FARTCOIN, and Plasma (XPL) were the worst performers.
While crypto traders were excited for the possibility of Uptober, that has not happened. On the contrary, October has been extremely bearish, triggered by the biggest liquidation event ever on Oct. 10.
The ensuing bounce was weak and has already been retraced, especially in altcoins. Most cryptos performed negatively in October, and some have fallen by nearly 50%.
Let’s examine some of the worst performers and determine whether they can reverse their trend before the end of the year.
IP Price Breakdown
The IP price has fallen significantly since its all-time high of $14.96 on Sept. 21. Initially, the downward movement ended with a bounce at the $7 horizontal support area.
However, IP broke down on Oct. 10, briefly falling to a new all-time low before bouncing and creating a long lower wick.
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Even though the breakdown caused the price of IP to fall below the $7 horizontal area, the price prevented a breakdown from its long-term ascending support trend line.
As long as IP trades above it, the trend can still be considered bullish.
In addition, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have created bullish divergences since Oct. 10, so an eventual bounce could happen.
If one occurs, the IP price could return to the $7 horizontal resistance area. Despite the possibility of a bounce, the long-term IP price prediction cannot be considered bullish until the price reclaims it.
FARTCOIN Price Could Crash
The FARTCOIN price has trended downward since its $1.69 high on July 23. The downward movement has been substantial, devoid of any significant bounces.
On Oct. 10, the FARTCOIN price fell to a new yearly low of $0.092 before bouncing.
However, the bounce was weak and the price of Fartcoin risks another breakdown. Currently, the memecoin trades inside a descending triangle, which is considered a bearish pattern.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
