3 Altcoins Gain While Bitcoin Hovers Near $80,000

Bitcoin is struggling to maintain the $80,000 level after three straight weekly declines. Weak investor confidence and volatility in global equities continue to weigh on the wider cryptocurrency market. Still, several altcoins are bucking the broader trend.

In the final week of October, three tokens are drawing attention: MemeCore (M), Ethena (ENA), and Zcash (ZEC).

MemeCore has made a sharp comeback even though its long-term trend remains downward. Ethena is nearing a possible breakout, and Zcash is seeing fresh investor interest as its price nears a key level.

Key data for the three altcoins: MemeCore trades at $0.97 with support at $0.75 and resistance at $0.976 and $1.75, RSI neutral but improving, and a bearish outlook until a breakout. Ethena is at $0.205 with support $0.188 and resistance $0.244, RSI neutral, cautiously bullish. Zcash is at $1,228 with support $1,091 and resistance $1,234 and $1,411, RSI neutral, cautiously bullish.

MemeCore (M): Will a 44% Surge End Its Downtrend?

MemeCore has risen nearly 44% this week, making it one of the top performers even after a prolonged price decline. But the token now faces a resistance level that will decide if the rally persists or stalls.

• The immediate test: M is currently around $0.97, just under the $0.976 resistance. Buyers met selling pressure when they tried to push above $1 recently, indicating that they have not taken full control.
• Bullish scenario: A break above $0.976 with sustained buying would reinforce the recovery. If the momentum holds, the next key target is $1.75, which would mean about an 80% gain from today's level.
• Bearish scenario: If the token is rejected again, it could drop to $0.75, the next solid support. That would be a loss of roughly 23%.

The RSI has climbed back to neutral territory, reflecting better momentum. Still, the overall downtrend persists until buyers deliver a convincing breakout.

Ethena (ENA): A Big Price Swing May Be Ahead

Ethena has added about 8% in the last seven days while continuing to form higher lows since August. The token's price is consolidating in a tighter range, which often precedes a bigger move.

• The immediate test: ENA has consistently held support at $0.188, even following an October token unlock. This indicates ongoing buying interest at that level.
• Bullish scenario: Should buyers keep control, ENA could advance to $0.244, about 19% higher than its current trading level.
• Bearish scenario: A loss of the $0.188 support would undermine the recovery and increase the likelihood of more drops.

Volume is declining and the Bollinger Bands are contracting, a pattern that frequently signals a sharp move ahead, though not its direction. ENA's pattern of higher lows puts buyers in a slightly favorable position currently.

Zcash (ZEC): ETF Inflows and a Key Breakout Level

Zcash is up 7% this week, and renewed institutional interest adds to the reasons to monitor the token.

Grayscale's Zcash investment product reportedly drew $41.1 million in weekly inflows, the highest since mid-September. At the same time, ZEC's price is nearing a technical level that may dictate its next direction.

Key price indicators and outlook:

• The immediate test: ZEC is trying to regain $1,234 as support. A daily close above that mark would bolster the bullish scenario.
• Bullish scenario: If a breakout is confirmed, the token may target $1,411, representing an upside of nearly 15%.
• Bearish scenario: If momentum fades, ZEC could retreat to $1,091. Dropping under that support would seriously undermine the recovery.

Similar to Ethena, Zcash is experiencing tightening Bollinger Bands and lower volume. Its RSI stays neutral, making the next direction unclear.

Currently, the mix of renewed fund inflows and an imminent resistance test positions Zcash as one of the most observed altcoins this week.