Growhub's 15min chart triggers SMA20 Turn Downward, signaling potential market downturn.

The 15-minute chart for Growhub has triggered a downward turn in the short-term moving average of 20 days, signaling a shift in market sentiment towards a downward trajectory. Sellers are currently exerting control and pushing the price lower in the short-term.

The crypto market is gearing up for a significant event in October, with over $3.9 billion worth of tokens set to be unlocked across major projects. This unlocking phase could potentially influence market sentiment and altcoin prices. Leading the month’s schedule is Aster (ASTER), with $503.58 million in tokens becoming available on October 5, representing 4% of its market capitalization and adding 320 million tokens to circulation October’s $3.9 Billion in Token Unlocks to Test Altcoin Market Sentiment^[1].

Other notable token unlocks include Sui (SUI) with a $180.40 million unlock on October 1, Ethena (ENA) with $51.23 million on October 3, and Plasma (XPL) with $90.06 million on October 25. Mid-month unlocks include pump.fun (PUMP) on October 14, STBL and Arbitrum (ARB) on October 16, Aptos (APT) on October 12, LayerZero (ZRO) on October 20, and Zora (ZORA) on October 23 October’s $3.9 Billion in Token Unlocks to Test Altcoin Market Sentiment^[1].

While token unlocks typically increase sell pressure, analysts argue that the backdrop of prolonged accumulation and the start of Q4 could turn the narrative bullish for altcoins. Shimotsuma, a market watcher, noted that altcoins are in the longest accumulation phase ever, with sideways trading extending beyond three years. Previous cycles in 2017 and 2021 were preceded by two to three years of sideways activity, and the current cycle has stretched even longer. Such extended periods have often given way to strong rallies .

The start of Q4 adds further weight to the bullish side of the debate. This quarter has traditionally delivered powerful gains for altcoins, and if patterns repeat, October could set the tone for the next major rally. While the immediate reaction to unlocks may bring short-term bearishness, the broader picture suggests the market is approaching a turning point .

In contrast, the 15-minute chart for Growhub has triggered a downward turn in the short-term moving average of 20 days, signaling a shift in market sentiment towards a downward trajectory. Sellers are currently exerting control and pushing the price lower in the short-term .