October is traditionally a bullish month for the Crypto market. Historically, BTC has closed the month in green throughout its 10 years of development, creating such a bullish momentum for the market.
So, what is to wait for in 2023 “Uptober”?
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Trading Narratives
The narratives I want to share with you guys in this newsletter is about a “dog-meme” coin, $FLOKI.
You may ask yourself, what am I thinking? But just wait, read this newsletter closely and raise your voice later.
Fundamental aspects
What the heck is fundamental of a meme coin?
Well, naturally, investing in meme coins does not require any fundamental analysis at all, but I think $FLOKI in “Uptober” is a bit different.
Let’s take a close look at the brothers of $FLOKI: $SHIB and $DOGE.
And I want you to take a closer look at these coins in the two previous “Uptober” in 2021 and 2022.
Here is $SHIB chart in 2021 Uptober
A 4-digit-growth within only 1 month.
And here is $DOGE chart in 2022 Uptober
Obviously, the growth of $DOGE is not as extreme as $SHIB, because of different market contexts, but $DOGE has experienced 143% growth in only 1 week. Note that, 2022 was a year of downtrend and the market cap of $DOGE at that time was about $8B before the pump.
Now, you know what I meant with $FLOKI.
Listing on Binance from May 2023 along with $PEPE, $FLOKI has witnessed a 66% decrease with no major retracement.
Technical aspects
Note that, when 2023 Uptober came, $FLOKI was one of the best performers with a 34% growth from its low.
The trading volume of $FLOKI in this time is also extraordinary, around 6 times larger than a normal trading day, and being the 2nd largest on Binance from listing.
Moreover, at today’s price, $FLOKI is also having a good reaction around the EMA 21D, which plays a role as a dynamic support.
Common market
$BTC has welcomed Uptober with a 4% growth, surpassing the top of the liquidity zone 25k1 – 27k1. However, after a few trading days, $BTC seemed to struggle to create new bullish momentum.
Historically, October tends to be a positive month for the Crypto market.
The article is not investment advice. Please do your own research before making any investment decision.
