Research - October - "Uptober" - Trading Narratives

October is traditionally a bullish month for the Crypto market. So, what is to wait for in 2023 “Uptober”?

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Coin Wire
October 06, 2023

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OCTOBER - “UPTOBER’ - TRADING NARRATIVES?

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.

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