October saw a bullish surge in the crypto market, but the final week left investors disappointed as altcoins faced significant drawdowns. With November now underway, investors are eager to know if this trend will continue.
BeInCrypto has identified three altcoins that crypto enthusiasts should keep a close eye on, as major token unlocks scheduled for the first week could impact the market.
Aptos (APT)
Aptos price declined by 18% over the past five days, reflecting broader market weakness. APT is currently attempting to hold above the 38.2% Fibonacci Retracement line at $8.23, a crucial support level that could stabilize its recent downtrend.
The upcoming token unlock on November 11 is expected to release 11.31 million APT, valued at nearly $93 million. This event may introduce volatility, as investors might opt to cash out, anticipating a price drop post-unlock. Such a scenario often affects supply, increasing short-term price fluctuations.
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If Aptos loses support at $8.23, it may dip to $6.65, aligning with the 23.6% Fibonacci level. However, if the $8.23 support holds, a rebound could erase recent losses, challenging the bearish outlook and signaling a potential recovery for APT’s price.
Cardano (ADA)
Cardano’s price has been unstable since October, with no significant gains. Currently, ADA trades below the critical support level of $0.339, highlighting ongoing challenges in sustaining momentum. This support loss keeps the market cautious.
An upcoming 18.53 million ADA token unlock, valued at approximately $6.16 million, is expected to introduce volatility similar to the recent November 1 unlock. Such events often trigger short-term fluctuations in Cardano’s price as supply increases.
While investors hope this volatility will drive prices upward, there’s a risk ADA could decline further toward $0.311. However, if market sentiment turns positive, a recovery could enable ADA to flip $0.339 back into support, invalidating the bearish outlook and signaling the potential for growth.
Banana Gun (BANANA)
BANANA nearly regained its July losses after a 54% crash but failed to break past the $63.49 resistance level. This resistance halted its recovery, and the altcoin has since declined, now trading at $48.97 as bearish pressure mounts.
The upcoming token unlock of 250,000 BANANA, currently valued at $12.28 million, is expected to increase supply significantly. Such surges in supply often add short-term volatility, as they impact demand dynamics and investor sentiment in the market.
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Historically, BANANA showed minimal price shifts during previous unlocks, suggesting it might continue attempting a bounce from the $47.61 support to target $55.01. However, if the support fails, a drop to $40.97 could follow, signaling a deeper retracement.
The post 3 Altcoins to Watch in the First Week of November 2024 appeared first on BeInCrypto.
