In a spirited display of resilience, altcoins have emerged as the frontrunners amidst the resurgence of volatility in the crypto market as the fourth quarter of 2023 kicks off. Chainlink (LINK), Radiant Capital (RDNT), and Floki Inu (FLOKI) have surged ahead, showcasing robust upward momentum.
According to a recent report, LINK has been the torchbearer, surging an impressive 39% throughout September. This surge propelled it past the 15-month resistance threshold at approximately $7.80. With the recent surge in whale activity, the odds tilt in favor of a northward trajectory.
The critical support at $7.80 now serves as a springboard for a potential retest of the psychologically significant $10 mark. However, caution looms, as a decisive monthly close below $7.50 could shatter the bullish narrative, breaching the support level and potentially ushering LINK back to $7.
RDNT paints a compelling picture, breaking free from a multi-month descending wedge pattern, signaling the dawn of an upward journey. Bulls for RDNT have triumphed over the $0.250 barrier. Investors may anticipate a rendezvous with the $0.297 and $0.334 hurdles, translating to a substantial 15% and 28% surge from its current standing at $0.261.
However, the precariousness of the crypto realm is undeniable. A breach of the $0.250 support could thrust RDNT back into the descending wedge, potentially revisiting the September 30 trough at $0.231.
FLOKI, the charismatic meme coin, staged an impressive rally of nearly 20% on September 30. However, it relinquished some gains, concluding the day with a 12% return. Since then, FLOKI has continued its ascent, holding steady at $0.0000202. The meme sensation could find itself revisiting the formidable $0.0000233 resistance tier.
Nevertheless, vigilance remains paramount. A breach of $0.0000160 could unravel the bullish narrative, potentially ushering FLOKI back to the established swing lows near $0.0000152, where sell-side liquidity could be concentrated.
As the cryptocurrency market remains as unpredictable as ever, investors and enthusiasts alike are on edge, closely monitoring these altcoins for signs of continued growth or impending corrections. The resurgence of volatility in the crypto market paints an exciting yet uncertain picture for 2023.
