Despite the fact that the price of Bitcoin and many crypto has been consolidating for some time, the crypto market seems to end the month of October with a profit. Naturally, we are curious about the expectations for November. Analysts are already tipping some crypto we should watch out for in November. We list them for you.
Crypto looks at Ethereum (ETH): up or down?
September should have been the month for Ethereum (ETH), but the famous Merge update did not bring the promised price explosion. In fact, the currency’s price dropped precipitously. In October we saw recovery and on October 23 the price even broke out of a descending parallel pattern. Eyes are now on a historic resistance.
Bitcoin’s well-known logo (Image: Pexels / Roger Brown)
This lies at the 0.618 Fibonacci retracement level and amounts to $1,713. If the price manages to break through that, a sharp price appreciation awaits that could take the Ethereum price above $2,000.
If this fails, we see a consolidation zone between $1,713.00 and the strong support at $1,270.00. If the price of the currency fails to hold this support level a price drop awaits that could take the currency to this year’s low.
Will crypto Lotus take Filecoin (FIL) to record profits?
Filecoin reached its lowest point of the bear rally on Oct. 13, when the price reached $4.73. After that, the price broke out of the negative pattern and we are seeing an upward trend. The first major resistance in sight is at $6.50.
There are opportunities to break this resistance. Besides technical indicators, especially the Lotus summit (which takes place on November 2) will play a role in whether investors have enough confidence to push the price through this resistance. An update of the roadmap will be given at this summit. The development activities will also be explained.
If the price indeed manages to break through $6.50, there is room for much growth in the absence of resistances. A price rise towards $11.20 is then not out of the question.
If the price does not break through this resistance, there is a consolidation zone between the high below $6.50 and $4.73. Again, a drop below $4.73 could be the starting signal for further declines to the low of the year.
Chiliz (CHZ): are investors confirming the bullish trend?
Chiliz is another crypto on the verge of a breakout. After price declines at the beginning of the month, the currency rebounded. The price first broke through the support level at $0.16 (the 0.618 Fibonnaci retracement level) and then through the negative resistance line.
Nevertheless, the bullish reversal has not yet been confirmed because the RSI is still below 50. In addition, we see that the live Chiliz (CHZ) price is currently falling. November will show whether this crypto can turn the tide. If the RSI rises above 50, it will be the case and further price gains are in the offing.
Crypto (Image: Pexels / Karolina Grabowska)
If this does not happen, we see a bullish consolidation zone with the lower boundary at the low of $0.081, which was reached in June. The bullish trend is broken if the price falls below that.
In addition to the crypto currencies that appear to be heading for a bullish trend break, there are also crypto currencies that offer great potential based on historical analysis. These could also become important in November.
Crypto Ethereum killer Cardano (ADA): potential and price space
As an Ethereum (ETH) killer, Cardano (ADA) has a lot of potential. Its price, well below 1 euro, is also attractive to many investors.
Still, the recent Vasil hard fork has not yet caused major price increases. Indeed, with the live Cardano (ADA) price at $0.3846, this year’s high ($2.38) seems very far away. However, analysts see this as a good sign and they consider Cardano (ADA) to be a bargain at the moment as they expect this crypto to head towards this year’s high again.
With that, a return of 518.82% over the current price is on the horizon. Unfortunately, they do not guarantee the time frame in which we can see this return.
Ripple (XRP) awaits court for crypto history
The Ripple (XRP) price is currently mostly depressed by the uncertainty surrounding the lawsuit with the SEC. Partly because of this, the current price is 67% below last year’s high.
Still, analysts also see this crypto as a bargain. The favorable price below $1 also plays a role here. More importantly, Ripple (XRP) is scoring more and more points in the case the SEC has started against them. Therefore, the chances of a positive outcome are increasing.
On top of that, this crypto is becoming an increasingly widely accepted solution for transactions in the banking world, which, by the way, is also increasingly investing in crypto currencies. With this, it has a very stable customer base. Therefore, it is expected that this currency can also reach a lot of potential.
So it promises to be an interesting crypto market in November despite the consolidation phase.
Stay up to date on the latest price developments?
You can always follow the developments yourself with our WANT analyses and overviews. Of course, you can also follow the BTC and live cryptocurrencies 24 hours a day if you want to stay updated in real time.
Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest.
Sources: beincrypto.com and newsbtc.com.