Bitcoin hits new highs, and 3 altcoins are also ready to go?
Bitcoin once rose to $94,000 this morning (11/20), setting a new record high. Although altcoins have not yet entered the explosive period, some upcoming positive events may trigger the trend of these three coins in the next few days: $APT, $FLOKI and $ZEC, and provide short-term support and resistance analysis for reference only, not for investment basis.
Aptos ($APT) Price Trend Analysis
Shrivastava noted that Aptos ($APT) is currently oscillating above the $10.92 support level, which is the 61.8% Fibonacci retracement level, which is considered a short-term support bottom. This week will be a big moment for Aptos, as Bitwise has launched the world's first Aptos collateralized ETP fund on November 19 and listed it on the Swiss Exchange. The fund will pledge the $APT it holds, which may bring more investment interest and demand, thereby driving prices higher. If the market momentum continues to increase, $APT will be expected to break through the $14.05 resistance and continue the upward trend. However, it is important to note that if the market sentiment changes and the price falls below the $10.92 support, the short-term bullish view will be invalidated and it may further drop to $9.15, causing investors to worry. As of today's writing, $APT is quoted at $11.42, still temporarily above $10.92, and is down 4.5% on the day.
Image source: BeInCryptoAptos ($APT) price trend analysis
Floki ($FLOKI) price trend analysis
Shrivastava noted that $FLOKI has surged 128% in the past two weeks. If the memecoin manages to break through the $0.0002776 resistance, the uptrend is likely to continue further.
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 initiative, which is backed by ApeCoin and the BoredApe NFT project, has sparked discussion among investors and may help drive prices further up.
If the $MONKY launch generates sustained buying momentum, $FLOKI could surge to $0.0003138.
However, a break below the critical support of $0.0002568 could trigger a correction back to $0.0002108 and invalidate the short-term bullish trend.
As of the time of writing today, $FLOKI is priced at $0.0002414, temporarily losing the support level of $0.0002568, with a daily decline of 3.33%.
Image source: BeInCryptoFloki ($FLOKI) price trend analysis
Zcash ($ZEC) Price Trend Analysis
Zcash ($ZEC) has gained 25.5% in the past four days and is attempting to break out and turn $46.24 into support. If successful, a move towards $50 is likely.
It is worth noting that Zcash is expected to undergo the NU6 upgrade around November 23, which is expected to bring important improvements to the project.
This upgrade may further boost bullish sentiment and bring potential price increases as the market reacts to these developments.
If $ZEC can take advantage of this momentum, it could break through the $50 mark. However, Shrivastava also warned that a break below the key support of $40.76 would invalidate the short-term bullish view and could lead to a sharp correction, causing losses to investors.
As of today’s writing, $ZEC is trading at $42.12, temporarily holding above the $40.76 support level, with a daily loss of 5.84%.
Source: BeInCryptoZcash ($ZEC) price trend analysis
