Start paying attention to the opportunities in Ethereum and the Ethereum ecosystem. The market dynamics have shifted; previously, the Solana ecosystem was strong, but now Ethereum clearly holds the advantage. In this context, projects related to the Ethereum ecosystem can be focused on during pullbacks.
Recommended projects to pay attention to include:
Leaders in the Ethereum ecosystem: ENS, LDO, OP
Secondly, consider: METIS, ZK, STRK, ARB
Other projects worth following include: ENA, AEVO, ETHFI
Today, the key projects to consider are LDO and SSV, as well as the layout opportunities for ETHFI.
1. TAO
Bittensor (TAO) has seen significant gains, rising over 9% to $626. The project's market capitalization is currently $4.6 billion. This price movement occurred after breaking out of a downward channel pattern around $538, indicating that the downward trend may be reversing.
Technical indicators support this upward trajectory. The Relative Strength Index (RSI) is at 56.85, indicating a strengthening bullish momentum while avoiding the overbought region, which shows that the price is not excessively inflated. Additionally, the cryptocurrency's trading price is significantly above its 200-day simple moving average (SMA) of $122.07, specifically 413.01% higher. Trading above this long-term average typically indicates strong market sentiment.
The Fear and Greed Index is currently at 78, reflecting extreme greed among investors, which is usually a sign of high market confidence. TAO has also shown stable performance, with 15 days of upward trends in the past month, indicating steady demand. Market sentiment remains bullish, predicting a potential price increase of 229.56%, possibly reaching $1,957.66.
While these predictions are optimistic, they depend on continued market conditions and investor interest. The cryptocurrency has high liquidity relative to its market capitalization.
2. PNUT
Squirrel ($PNUT) has caused a stir in the meme coin market, skyrocketing by 2429.76% this month to $1.34. This impressive surge is attributed to listings on top exchanges and a viral tweet from Elon Musk.
According to CoinMarketCap data, the token's 24-hour trading volume also surged significantly, rising by 4.89% to $1.29 billion. The hype around $PNUT began with a viral story about Peanut, a pet squirrel temporarily seized by local officials in the U.S. over rabies concerns. When tests confirmed the squirrel did not have rabies, interest in the token skyrocketed, capturing investors' attention.
Bullish momentum is strong, with $PNUT breaking through its 50-day simple moving average (SMA). Its Relative Strength Index (RSI) has risen to 85, showing strong buying pressure. The Moving Average Convergence Divergence (MACD) also supports this trend, indicating that the MACD line has crossed above the signal line, suggesting further increases. If the current trajectory holds, $PNUT could soon reach its next target of $1.50.
However, the high RSI indicates that the token may be overbought, increasing the likelihood of a pullback as investors take profits. In such a scenario, $PNUT could retreat to a support level around $0.40.
3. ACT
Act 1: Artificial Intelligence Oracle ($ACT) has taken the cryptocurrency market by storm, soaring over 60% within just 24 hours, with trading volume surging by 293.50% to $776.38 million according to CoinMarketCap data. This rapid growth was triggered by Binance's announcement of listing $ACT, with trading set to begin on November 11.
Prior to this, the Binance listing acted as a catalyst, propelling the token above its 50-day and 200-day simple moving averages (SMA), signaling a strong bullish trend. The Relative Strength Index (RSI) is currently at 95, indicating that the token may be overbought and potentially overvalued. Technical indicators remain positive, with the MACD showing bullish signals as the MACD line crosses above the signal line.
If buying momentum continues, $ACT could break through higher levels, with optimistic investors targeting a price of $1.00. Market sentiment is extremely bullish, with the Fear and Greed Index scoring 78, indicating 'extreme greed.' Predictions suggest that if favorable conditions persist in the cryptocurrency market, the average price of $ACT could reach $2.19 by 2024.
However, if conditions worsen, the token's price could drop to $0.39. Currently, $ACT's rise showcases its potential, but investors should closely monitor signs of market shifts or corrections.