With a third of Q4 already passed, October has surprised as many altcoins reached new all-time highs. However, Bitcoin – the leading cryptocurrency – has yet to hit that peak.
This may change in November, as BTC is now less than 3% away from its all-time high (ATH). The 4 altcoins below have the potential to follow BTC.
Cat in a dog's world (MEW)
MEW is now only about 16% away from a new all-time high after recording an impressive 76% increase in October. This performance solidifies MEW's position as a popular meme coin, attracting significant interest from investors.
The current ATH of MEW is $0.01173, while the current trading price is $0.01009, with support maintained at $0.00900. If this support level is held, MEW could potentially increase by another 16% to reach a new high. This stability is key for MEW to take advantage of the recent upward trend.
However, if MEW loses the support level of $0.00900, the price could drop to $0.00769, wiping out most of the recent profits. At that point, the upward trend would be invalidated, signaling a change in market sentiment toward this meme coin.
MANTRA (OM)
OM has become one of the most sought-after tokens due to a strong upward trend throughout October. This altcoin just reached a new ATH of $1.62, creating great appeal among investors and solidifying its prominent position in the market.
Moving into November, OM is likely to recover its recent gains despite a 15% pullback from its peak. Maintaining the important support level at $1.33 will be essential for further growth.
If OM fails to maintain the support level of $1.33, the price could drop to $1.18. Losing this level would mean the current upward trend is invalidated, potentially dragging OM down to $1.04, challenging the positive market sentiment and requiring traders to be more cautious.
SPX6900 (SPX)
SPX has attracted significant attention in the meme coin market after recording an incredible increase of 479% since October. This strong rally has pushed SPX to an ATH of $1.19, showing great investor appeal.
To return to this peak, SPX needs to increase by 25% from the current price of $0.95. Stability above the support level of $0.91 is crucial for the continuation of the upward trend. If this level is maintained, SPX will solidify its position in the meme coin market and have further expansion opportunities.
Conversely, if SPX fails to hold the support level of $0.91, the price could drop to $0.70 or even $0.56. This decline would challenge the current upward trend and reflect a change in market sentiment, causing investors to be more cautious about SPX's prospects.
BNB
BNB is one of the altcoins closest to its ATH, currently only about 19% away from the peak of $721. However, to reach this milestone, BNB needs to overcome the important resistance level in the range of $575-$619 – a level that has repeatedly restrained BNB's upward momentum.
The resistance zone $575-$619 has hindered BNB since early June. If BNB can surpass this resistance zone, the price may continue to rise to $686 and get closer to the ATH level.
However, if BNB continues to fail at the level of $619 as it has before, the price could drop to $550 or even $520. This pullback will slow down any efforts to reach a new high and result in a decline in positive market expectations.
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