Bitcoin hits new highs, are three altcoins also ready to take off?
Bitcoin surged to nearly $94,000 early this morning (11/20), setting a new historical high. Although altcoins have not yet entered a breakout phase, on-chain analyst Aaryamann Shrivastava mentioned three potential altcoins this Monday, believing they will reach milestones and may experience significant increases.
Shrivastava stated that while the November market is dominated by Bitcoin, there are still many coins that have not reached historical highs, and some upcoming events may trigger the trends of these three coins: $APT, $FLOKI, and $ZEC, providing short-term support and resistance analysis for reference only, not as investment advice.
Aptos ($APT) price trend analysis
Shrivastava noted that Aptos ($APT) is currently oscillating above the $10.92 support level, which is exactly the 61.8% Fibonacci retracement level and is considered a short-term support bottom.
This week will be an important moment for Aptos as Bitwise has launched the world's first Aptos staking ETP fund on November 19, which is listed on six major exchanges in Switzerland. The fund will stake the $APT held, which may attract more investment interest and demand, thereby driving the price up.
Shrivastava predicts that if market momentum continues to strengthen, $APT is expected to break through the $14.05 resistance, continuing the upward trend. However, it is important to note that if market sentiment changes and causes the price to fall below the $10.92 support, the short-term bullish outlook will fail and could further drop to $9.15, raising concerns among investors.
As of the time of writing today, $APT is priced at $11.42, still temporarily maintaining above $10.92, with a daily decline of 4.5%.
Source: BeInCrypto Aptos ($APT) price trend analysis
Floki ($FLOKI) price trend analysis
Shrivastava noted that $FLOKI has surged 128% in the past two weeks. If the meme coin can successfully break through the $0.0002776 resistance, the upward trend may continue.
It is worth noting that Floki will collaborate with Forj, a subsidiary of Animoca Brands, to launch the $MONKY meme coin on November 21.
The project is supported by ApeCoin and the Bored Ape NFT project, which has sparked discussions among investors and may drive prices further up.
Shrivastava predicts that if the release of $MONKY can bring sustained buying momentum, $FLOKI may surge to $0.0003138.
However, if it breaks below the key support at $0.0002568, it may trigger a pullback and fall back to $0.0002108, causing the short-term bullish trend to fail.
As of the time of writing today, $FLOKI is priced at $0.0002414, temporarily losing the $0.0002568 support level, with a daily decline of 3.33%.
Source: BeInCrypto Floki ($FLOKI) price trend analysis
Zcash ($ZEC) price trend analysis
Shrivastava pointed out that Zcash ($ZEC) has risen 25.5% in the past four days and is attempting to break through and turn $46.24 into a support level. If successful, it may advance towards $50.
It is worth noting that Zcash is expected to undergo a NU6 upgrade around November 23, which is anticipated to bring significant improvements to the project.
Shrivastava predicts that this upgrade may further boost bullish sentiment and bring potential price increases as the market reacts to these developments.
If $ZEC can fully leverage this momentum, it may break through the $50 mark. However, Shrivastava also warns that if it falls below the key support at $40.76, the short-term bullish outlook will fail, potentially leading to a significant pullback and losses for investors.
As of the time of writing today, $ZEC is priced at $42.12, temporarily maintaining above the $40.76 support level, with a daily decline of 5.84%.
Source: BeInCrypto Zcash ($ZEC) price trend analysis
[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice, and the analyst's views are for reference only. Users should consider whether any opinions, views, or conclusions in this article meet their specific circumstances. Investing based on this is at your own risk.
‘Positive news! Analyst: This week, 'these three coins' are reaching milestones and may surge significantly?’ This article was first published in 'Crypto City'.
