The cryptocurrency market is recovering from the October 10th crash, which was the largest in recent history. With liquidations of nearly $19 billion recorded, recovery seemed unlikely, but the market has shown remarkable resilience.
External development will be key going forward, and BeInCrypto has identified three altcoins that could serve as role models.
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Chili’s (CHZ)
Chiliz (CHZ) is up 12% in the past 24 hours and is trading at $0.0355 at the time of writing. Altcoins are attempting to recover from Friday’s 25% drop, and there is widespread optimism about an upcoming hard fork.
The Snake8 hard fork, scheduled for next week, will replace the current validator system where all receive equal block rewards. The new algorithm aims to foster competition among Chiliz Chain validators and encourage contributions to the network. This could increase demand and liquidity, allowing CHZ to rise above $0.0364 and above $0.0382.
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However, if the upgrades don’t generate enough excitement or participation, CHZ could lose momentum. The price could retreat to $0.0330 or even fall to $0.0304, negating the current bullish outlook and signaling a decline in investor confidence in the near term.
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Sei (SEI)
SEI is nearing a major token unlock this week, acting more as a warning signal than a breakout candidate. Approximately 55.56 million SEI (equivalent to $12.78 million) will be in circulation, which could increase market volatility and put pressure on prices as supply expands significantly.
Investors looking to buy on the edge should continue to exercise caution after the SEI recently crashed to an all-time low of $0.068. If demand does not match supply, token inflows could limit the chances of a recovery and cancel out today’s 12% rebound. The parabolic SAR indicator suggests that an active downtrend is still in play.
However, if investors can absorb the newly released supply efficiently, the SEI could gain more. If the recovery is successful, the price could head towards $0.244 and possibly $0.305. If this happens, the bearish momentum will be nullified.
Bitensor (TAO)
TAO has emerged as one of the top altcoins to watch this week after Grayscale filed a Form 10 with the US SEC regarding Bittensor Trust. The move increases TAO’s chances of being recognized as a reporting company, paving the way for broader institutional investment opportunities.
In response, TAO price has surged 36% in the past 24 hours and is currently trading at $407, just below the $410 resistance. With improving market sentiment, TAO could soon break through this wall and head towards $450, indicating growing investor optimism and the strength of bullish momentum across the Bittensor ecosystem.
However, the Chaikin Money Flow (CMF) indicator warns that inflows may be nearing saturation. Historically, market reversals have often occurred when CMF crosses the 20.0 threshold. If history repeats itself, TAO could fall below $378 and even to $335, invalidating the current bullish outlook.
