The crypto market has seen a surge in enthusiasm during this month’s ‘Uptober’ trend. This revival has brought significant gains across the board, with both altcoins and Bitcoin hitting yearly highs. Alongside these successes, memecoins like PEPE have experienced an explosive rise, up over 100%. As a result, both individual and institutional investors are accumulating altcoins in anticipation of another rally in November. Here are the altcoin projects to watch in November, according to analyst Shayan Chowdhury…
Altcoin projects remain afloat
Despite Bitcoin’s dominance and a low altcoin season index attributed to increased on-chain activity in the $35,000 price range, altcoins continue to hold their ground. The fact that the current season index is around 16 shows that investors prefer Bitcoin. However, when there was a minor pullback in Bitcoin price, the altcoin market witnessed a significant increase with an average daily gain of over 20%. Ongoing speculation regarding the potential launch of a Spot Bitcoin ETF suggests that altcoins will continue their strong performance in the coming weeks and meet the demands of short-term investors.
Still, Bitcoin (BTC), the world’s most famous cryptocurrency, remains a solid investment option. Forecasts for November point to steady growth with a minimum value of $31,400 by the end of the month. While some optimistic estimates put the value of Bitcoin around $36,700, many experts are cautious about this scenario. While Bitcoin was a reliable option for the bull market in November, the allure of promising young altcoins continues to attract investors looking for significant gains.
Which altcoins to watch?
Chainlink, one of the leading altcoins, faced resistance at $11.7 due to selling among holders. Currently, LINK’s price is testing the upcoming support level to confirm a clear trend. However, the bulls held their ground, indicating that investors are confident in the positive trend. LINK price is poised to test $9.6 and a strong buyer presence could spark a recovery. If successful, this recovery could push the price towards $19.4 next week, but failure could lead to consolidation near $7.5.
PEPE and LUNC are also on the watch list
Pepe Coin recently experienced a decline from its high of $0.0000013. However, buyers kept the price above the $0.0000011 support level. Pepe’s price is expected to soon test buyers’ patience near this support. Aggressive buying during the decline could trigger a strong recovery and possibly push the price above $0.0000019. However, this scenario may be disrupted if the market experiences a decline below the 38.2% Fibonacci retracement level, indicating bearish activity.
Terra Luna’s price made a strong comeback, indicating bullish momentum and aggressive buying. The price recently broke the immediate resistance at $0.48. However, an extended wick indicates resistance as sellers push back with higher prices. The bears are currently trying to sink the price below the $0.43 support. A rebound from this support level would signal a shift towards an uptrend and potentially push LUNA’s price to highs of $0.5 and then $0.55. Conversely, a decline below the support will result in consolidation around $0.4.
Solana has become a promising altcoin
Finally, in the world of altcoins, Solana (SOL) is making a mark. Solana had its share of ups and downs in October. However, crypto experts predict that this altcoin will shine in November. Forecasts suggest that SOL could reach a maximum value of $34.60 during the month. However, there is also a possibility of a drop to $28.17. This uncertainty has caused many crypto enthusiasts to shift their investments from SOL to younger altcoins that show greater earning potential.
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