Three altcoins to watch in the first week of November 2024
Aptos (APT): down 18%, looking to hold support at $8.23; #token unlocking on November 11 could bring volatility and could fall to $6.65 if support is not reached.
Cardano (ADA): trades below $0.339, expected to fall further ahead of token unlocking. Positive sentiment may restore support at $BTC BANANAGAN (BANANA): recently fell to $48.97 ahead of the upcoming $12.28 million token unlocking; rebounded from $47.61 with a target of $BTC The cryptocurrency market saw a bullish rally in October, but investors were disappointed last week as #altcoins experienced significant drawdowns, and as November approaches, investors want to know if this trend will continue.
BeInCrypto took a look at three altcoins that crypto-enthusiasts should keep an eye on as major token unlocks scheduled for the first week could impact the market.
Aptos price has fallen 18% over the past five days, reflecting general market weakness, while #APT is currently struggling to break above the 38.2% Fibonacci retracement line at $8.23, a key support level that could stabilize the recent downtrend.
The token unlocking scheduled for Nov. 11 is expected to result in the issuance of 11.311 million APTs worth about $93 million, but the event could cause volatility as investors may prefer to cash out in anticipation of a post-unlocking price decline. Such scenarios often affect supply and increase short-term price volatility.
If Aptos loses support at $8.23, prices could fall to $6.65, which corresponds to the 23.6% Fibonacci level. However, if support at $8.23 holds, a rebound could reverse recent losses, which would cast doubt on the bearish outlook and point to a possible APT price recovery.
Cardano prices have been volatile since October and have not shown much upside; #ADA is currently trading below the key support level of $ 0.
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