After Trump's election, Bitcoin hit a new high and altcoins attracted investors' attention. Some analysts are optimistic about these three altcoins, but the risks need to be carefully assessed.
Is the altcoin season coming? Here are 3 coins to watch:
After Trump was elected as the US President, Bitcoin continued to set new historical highs, and altcoins in the cryptocurrency market also began to attract investors' attention.
However, CoinMarketCap’s altcoin seasonality index is 39/100, indicating that it is still “Bitcoin season”.
Although most altcoins have followed the rise of Bitcoin, they have not yet broken through their historical highs. Here are some potential coins, including Shiba Inu Coin ($SHIB), Ripple Coin ($XRP) and The Sandbox ($SAND), and provide short-term price trend analysis for reference only, not for investment.
Shiba Inu Coin ($SHIB) price trend analysis
$SHIB rebounded from $0.00001685 to $0.00003 last week, an increase of 80%. From the daily trend, this rebound formed a bullish head and shoulders bottom pattern.
If the broader market maintains its strength, $SHIB could break through the $0.00003 resistance level and head towards $0.000035 by the end of November, and possibly $0.000038.
However, data from blockchain analytics platform Santiment shows that $SHIB’s 30-day MVRV value has recently surged to 25%, representing huge profits for short-term investors and possible profit-taking.
Since mid-July, every time $SHIB’s MVRV reached above 20%, it triggered a significant pullback.
Before a major breakout rally occurs, $SHIB may first experience a 20% correction to test the support level of $0.00002074.
Image source: CoinGape Shiba Inu Coin ($SHIB) price trend analysis
Ripple ($XRP) price trend analysis
According to CoinGape, several analysts are optimistic about the future performance of Ripple ($XRP).
If $XRP breaks through the resistance level of $0.66, it will be expected to reach $1, with a target price of $1.28. Another analyst, Mikybull Crypto, predicts that $XRP may be about to have a big positive line and is expected to rise to the integer of $2.
Image source: Mikybull Crypto/X Ripple ($XRP) price trend analysis
More optimistic prediction: Even if the lawsuit is not completely concluded, $XRP is still expected to rise to $3-5 in this bull run.
If the lawsuit is resolved in Ripple’s favor and the SEC approves the pending $XRP ETF, there could even be a parabolic rise to $8-10, which would be more than 10 times the current price of $0.6971.
The Sandbox ($SAND) Price Analysis
The Sandbox ($SAND) is forming a bullish pattern on the daily chart.
On-chain data shows that $SAND's large transaction volume has surged 250% in the past 24 hours, indicating that institutional investors and whales are actively entering the market.
From a technical perspective, $SAND has broken out of a parallel channel and is currently facing resistance at the 200-day exponential moving average (EMA). A break above the $0.315 mark could see a 30% rise to $0.415 in the near term.
However, the relative strength index (RSI) shows that $SAND is currently in the overbought area and may experience a correction and consolidation in the short term.
Data from cryptocurrency analysis platform CoinGlass shows that $SAND's futures open interest has risen 5.6% in the past 24 hours, with the main liquidation points currently at $0.2911 below and $0.3246 above, both of which indicate excessive leverage.
Image source: AMBCryptoThe Sandbox ($SAND) price trend analysis
According to the cryptocurrency CoinGecko data, as of the time of writing today (13th), $SHIB was quoted at US$0.00002488, down 8.2% in 24 hours; $XRP was quoted at US$0.6791, up 11.9% in 24 hours; SAND was quoted at US$0.2893, down 7% in 24 hours.
