With the recent surge in Bitcoin prices, numerous altcoins have also experienced substantial growth. However, it’s important to note that the crypto market can be highly volatile, and three specific altcoins deserve close scrutiny. These emerging bearish patterns may potentially erode the gains these altcoins have seen.
Engaging in transactions within the volatile bull and bear markets can often result in regrettable outcomes. So, which altcoins might face November regrets?
Review of the three altcoins
1. eCash (XEC): An important development is set to take place on November 15th for eCash (XEC). The network upgrade, which will boost the miner fund block reward from 8% to 32%, also includes a 10% stake reward. Currently, XEC is trading above the $0.00003 horizontal range. If the price continues its upward trajectory, it could aim for a reasonable target of $0.000042. However, it’s crucial to be cautious, as breaching the horizontal support area could result in a significant 28% loss. With the rising crypto inflation, the risk of a negative scenario occurring remains elevated.
2. Hedera (HBAR): On November 14th, Hedera is set to host an event focused on decentralized business solutions in collaboration with Object Computing. HBAR’s price is currently hovering around the $0.057 resistance level, and a breakout to the upside could potentially yield a 30% increase. However, it’s worth noting that if the event falls short of expectations, a dip to the $0.047 support area is anticipated.
3. The Graph (GRT): As the 46th largest cryptocurrency by market capitalization, GRT Coin had a promising growth opportunity a few months ago. While it may not exhibit bearish tendencies this month, it could be among the altcoins poised for increased volatility. Currently, GRT Coin is trading at $0.136.
There have been rumors circulating about a significant announcement scheduled for November 7th. Additionally, the team is planning to host an event focused on web3 data innovations on November 13th. Normally, GRT Coin should have benefited from the ongoing excitement surrounding RWA, but it hasn’t capitalized on the opportunity as expected.
GRT’s price broke out of a declining resistance trend line on October 25th and is currently approaching the $0.135 resistance area. If we witness an upward breakout, there’s potential for a rally to $0.17. On the flip side, a 30% decline to $0.1 wouldn’t be surprising in an alternative scenario.
At the time of writing, BTC was trading at $34,940, and in the event of a possible pullback, it’s anticipated to test resistance levels at $33,900 and $31,800 before rebounding. However, if it fails to do so, it could dip below $30,000 for a more substantial retracement.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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