2024-11-11 15:00 |
November started off very well, with many cryptocurrencies, including Bitcoin, forming new all-time highs. Amidst the chaos, however, some altcoins are getting sidelined and hold the potential to note gains.
BeInCrypto has analyzed three such altcoins to watch this week. They have some major developments lined up that could trigger a surge in price.
Aptos (APT)Aptos is benefiting from a strong bullish week, with its price climbing 35% to reach $10.72. The altcoin now aims to secure the 61.8% Fibonacci Retracement level at $11.64 as support, which could reinforce its upward momentum and attract further investor interest.
Today, Aptos unlocked 11.31 million APT tokens valued at $121 million, yet this did not trigger a significant price decline. This resilience suggests solid investor confidence in Aptos, potentially fueling continued gains as the altcoin demonstrates strength amid increased circulating supply.
APT Price Analysis. Source: TradingViewHowever, if Aptos fails to breach the $11.64 resistance, a decline to $9.79—aligned with the 50% Fibonacci level—is possible. Losing this support could shift sentiment, invalidating the bullish outlook and suggesting potential for a short-term correction in price.
dYdX (DYDX)dYdX price surged by 38% this week, though it remains within a consolidation range established in August, holding the altcoin under $1.33. Investors are closely monitoring for signs of a breakout, as sustained gains are necessary to confirm a stronger upward trend.
The recent approval of a proposal by the dYdX community treasury established the dYdX Treasury SubDAO. This was followed by a vote to transfer 45,000,000 DYDX to support a new staking program. These actions reflect growing momentum in governance, setting the stage for possible future growth in the asset.
DYDX Price Analysis. Source: TradingViewThis positive development will likely attract more attention and investment, which could push dYdX past the $1.33 resistance. Should the altcoin breach this level, a bullish trend could follow. However, failure to break out of consolidation would keep dYdX within its current range.
Artificial Superintelligence Alliance (FET)FET’s price has surged by 28.5% this week, bringing the altcoin back above the critical support level of $1.40. The next resistance is at $1.71, which, if surpassed, could propel FET toward the $2.00 mark, signaling strong bullish momentum.
This week is pivotal for FET, as the Superintelligence Summit on Monday will spotlight leading AI-powered crypto projects, including the Artificial Superintelligence Alliance. Such events often attract investor interest, and FET could benefit from heightened attention on AI-driven blockchain technologies.
FET Price Analysis. Source: TradingViewA bullish outcome from the summit could drive FET’s price up to $1.71 or higher. However, if FET fails to breach this resistance, the altcoin may retrace back to $1.40 or lower, weakening the bullish outlook and suggesting a potential price stabilization.
The post 3 Altcoins to Watch in the Second Week of November 2024 appeared first on BeInCrypto.
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