October did Uptober justice and witnessed a rising wave in the crypto market. However, altcoins experienced significant declines in the last week, disappointing investors. As November begins, investors are wondering whether this trend will continue. Crypto analyst Aaryamann Shrivastava has identified three altcoins that crypto enthusiasts should keep a close eye on.
First ranked altcoin: Aptos (APT)
The price of Aptos has fallen 18% in the last five days, reflecting the general weakness in the market. APT is currently struggling to hold above the 38.2% Fibonacci Retracement line at $8.23, which is a key support level that could stabilize the recent bear trend. The altcoin will unlock 11.31 million APT on November 11, worth approximately $93 million. It is possible for investors to prefer cash out in anticipation of a price drop after the unlock. Therefore, this event is likely to create a surge. Such a scenario often affects supply, increasing short-term price fluctuations.
APT Price Analysis. Source TradingViewIf Aptos loses the support at $8.23, it could fall as low as $6.65, aligning with the 23.6% Fibonacci level. However, if the $8.23 support holds, it is possible for it to erase its recent losses with a recovery. Thus, it is likely to challenge the bearish outlook and signal a potential recovery.
Cardano (ADA) comes in second place
Cardano’s price has been unstable since October. The altcoin failed to make any significant gains. Currently, ADA is trading below the critical support level at $0.339. This highlights the ongoing challenges of sustaining momentum. This loss of support keeps the market cautious. The unlocking of 18.53 million ADAs, worth approximately $6.16 million, is expected to create a surge similar to the last November 1 unlock. Such events often trigger short-term fluctuations in altcoin price as supply increases
ADA Price Analysis. Source TradingViewInvestors hope this volatility will push prices up. However, there is a risk of ADA falling further towards $0.311. However, if market sentiment turns positive, a rebound could enable ADA to turn $0.339 back into support, invalidating the bearish outlook and pointing to growth potential.
Last ranked altcoin: Banana Gun (BANANA)
BANANA has nearly recovered its July losses after a 54% crash. However, it failed to clear the $63.49 resistance level. This resistance halted the recovery. The altcoin has been declining ever since. BANANA is trading at $48.97 as bearish pressure increases at the time of writing. The upcoming token unlock of 250,000 BANANA, currently worth $12.28 million, is expected to significantly increase the supply. Such increases in supply often create short-term volatility as they affect market demand dynamics and investor sentiment.
BANANA Price Analysis. Source: TradingViewHistorically, BANANA has shown minimal price changes during previous unlocks. This suggests that it will continue to attempt a bounce from the $47.61 support to target $55.01. However, if the support fails, a drop to $40.97 is possible. Also, this indicates a deeper withdrawal.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
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