The cryptocurrency market starts the new week with a little less enthusiasm. There are many reasons why the rally was halted, including the Fed’s 75 basis point rate hike. In this article, let’s take a look at 6 altcoin projects and technical levels that will require close monitoring over the next week.
Here are 6 altcoins to watch in the second week of November
Polygon (MATIC)
MATIC is currently one of the highest earners of the last 24 hours. At the same time, MATIC had its best performance since last week. The catalyst for the rally was Meta’s selection of JP Morgan’s first Defi transaction, Polygon. MATIC also performed a successful “golden cross” in the technical part. The 50-day SMA has crossed the 200-day SMA on the MATIC/USD daily price chart. Analysts see this as a bullish development. Also, open interest for MATIC doubled at the end of last week to $415 million from the previous $209 million.
Shiba Inu (SHIB)
SHIB is currently one of the most popular projects on the market. The project has increased the use of the SHIB token by opening multiple new avenues this year. They released a new card game that got the community moving. However, the most important release of the year will be revealed in the coming months. Shiba Inu’s Shibarium layer-2 network is getting the full attention of the community. While the launch hasn’t reached the third quarter of 2022, the initial deadline, many are hoping it will happen very soon. The launch of Shibarium has the potential to bring big profits to SHIB holders.
Ripple (XRP)
The sixth-largest crypto token by market capitalization experienced a significant increase in price last Friday. Additionally, Ripple Labs, the firm that uses the XRP Ledger, is in a heated battle with the SEC. Many expect the firm to rise to the top. This triggers an upward momentum in the XRP price. Even though the decision is only months away, people are already starting to speculate.
Meanwhile, in the next few weeks, positive news from the case will be the strongest catalyst behind the price. In such a case, analysts expect the price to move towards the $0.60 and $0.95 region.
Cardano (ADA)
ADA has been on the decline in recent days while the market has been rising. However, in bearish or neutral phases, it is common for ADA to depreciate. Over the past few days, we have seen that the ADA price may rise sharply again. ADA has gained over 15% in the last 7 days. In addition, Cardano’s network and the number of smart contracts are growing rapidly. Analysts say it will recapture the $0.55 to $0.65 region by the end of the year.
Avalanche (AVAX)
Avalanche’s price has dropped almost 90% since April 2022. During the process, it moved away from the top 15 according to market value. In the bullish environment, Avalanche is one of the first candidates to go bullish again. As a scalable Blockchain, Avalanche is one of the popular projects. The analyst expects AVAX price to defend the $14 region. From this region, they expect a rise of $30 to $40 by the end of 2022.
aptos (APT)
cryptocoin.comAs you follow, Aptos was one of the altcoin projects that required close monitoring in recent months. A newcomer to the crypto scene, APT had mixed feelings after its release. Aptos uses technology designed for Diem, the cryptocurrency first released by Meta. However, the project was completely abandoned due to regulatory restrictions. In the next few weeks, more hype may build up around Aptos. Therefore, analysts predict that the APT price will rise even higher with the crypto market. The ultimate price target is the $15 to $25 range.
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